Savills Vietnam recently published a report on the retail rental space market in Ho Chi Minh City for the first quarter of 2023. The report indicates that the retail rental space has maintained a steady occupancy rate of 92 percent during the quarter, with a slight decrease of 0.4 percent compared to the previous year.
One noteworthy trend is the ongoing vacancy and non-renewal of contracts by tenants in projects located outside the central area of HCMC. Savills' statistics reveal that the food and beverage sector represents 30 percent of the vacant retail space, the fashion sector accounts for 21 percent, the entertainment sector accounts for 20 percent, and the education sector accounts for 6 percent.
In 2023, it is projected that six new projects will provide a combined rental area of 124,000 square meters. However, the construction progress of several of these projects has faced delays, and the growing cautiousness among tenants could result in new brands postponing their market entry plans in the near future.
Projects like Vincom Megamall Grand Park and Central Premium Plaza have already rescheduled their opening dates from the first half of 2023 to the second half of the year.
