Retail in Asia

In Markets

Vietnam retail property up, office rents down

Service provider Savills has said Vietnamese office rents will continue their declining trend and the large amount of office space supply would ensure that the market still belongs to tenants, not landlords.

The Vietnam office of the world’s largest real estate broker, CB Richard Ellis Group Inc., said Grade A asking rents have dropped by 50 percent from the peaks of mid 2008.

In Ho Chi Minh City, over 100,000 square metres of vacant space in 2009 are still waiting for tenants, and more than 350,000 square metres of new space will come into the market this year.