Office rents in Hanoi can be reduced further

 According to the report's index of real estate consulting firm Savills Vietnam, in quarter 3/2014, index operations office in Hanoi 50.3 points, stable quarter but down 3.9 points year on year. The average rent increased 2% on a quarterly basis while occupancy fell 2% percentage points from the previous quarter.

 
Only some offices in the central region fell slightly by 2.5 percentage points in the quarter fell 1 point% occupancy and rental rates fell by 2% to 61.8 points. Meanwhile, the 5% increase in the quarterly rents outside the center, causing performance indicators offices in this region increased by 1.3 points in the quarter, reaching 53.7 points.
 
According to a survey by Savills earlier, in the fourth quarter, the market is expected to receive about 60,000 m2 of 5 projects. At the same time, supply continued to increase in 2015 and 2016. Specifically, in the fourth quarter / 2014 to 2016, the market will receive an additional 607 000 m2 of office.
 
 
Under pressure from rising vacancies and large future supply of the next two years, Savills said average rents can go down and drag CPI office in the next quarter lag decreases.
 
 
Earlier, the consulting firm CBRE Viet Nam also predicted that rents office leasing market in the remaining months of 2014 will continue to decline slightly, vacant certainly increase. However, Grade A office space in downtown will be filled more stable due to limited supply coming because there are no new projects.
 
Also look not so optimistic about the office market in the coming quarters, Cushman & Wakefield said, currently, some office projects are still in the process of completing ground with the slow progress and not given time are scheduled to open. Oversupply in the market and a fierce competition is the main reason for this delay.
 
In the next two years, expects 725,000 m2 of office of all the segments will be completed, giving tenants more choice and opportunity to hire more reasonable price. In addition, the project office will tend to give a time frame for hiring more flexible in order to attract tenants and improved occupancy rates.
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