Commercial real estate rental market in HCMC heats up again | Ho Chi Minh City
A café is prepared for the opening.
In the areas around Ho Con Rua (Turtle Lake), Notre Dame Cathedral of Saigon, Nguyen Hue pedestrian zone in District 1, grill restaurants, cafés and milk tea shops heat up again at night, especially on weekends.
At the end of the year, most of the shopping centers, supermarkets and convenience stores in HCMC are gradually recovering, and on-site catering has also resumed, so that more and more customers are coming to eat.
Data from the Cho Tot Nha website showed that rental prices for business premises fell 70 percent in December compared to May, but rose by over 300 percent in September.
A home to rent in the Turtle Lake area
According to Jones Lang Lasalle Vietnam (JLL Vietnam), specializing in real estate advice and management, customers are still waiting to find affordable leasing opportunities. In the medium and long term, due to vaccination coverage and the new normal, Ho Chi Minh City is expected to be the top destination for international brands that would encourage leasing activities in the coming period.
JLL Vietnam forecast that house rental supply would remain stable while rental rates could increase as owners lift some preferential policies and offers when department stores reopen.
Meanwhile, Savills Vietnam’s commercial real estate leasing report on HCMC showed that mid and small customers had encountered obstacles in the third quarter of having to cancel leases due to strict social distancing regulations or stop signing new contracts in 2021. Savills Vietnam expects that the apartment rental market will recover strongly in the fourth quarter of 2021 and early 2022.