Hanoi Figures Q2 2023

Office: Net absorption lags in H1 2023, but expects to improve in H2 2023.

Retail: Asking rents in both CBD and non-CBD areas reached new heights in Q2 2023. Limited new supply helps sustain low vacancy in prime location. Due to land scarcity in the CBD area, expansion has been heading to non-CBD locations, especially those with available land banks, strong development of office clusters, large-scale residential, and good infrastructure.

Condominium: Total accumulated new supply in the first half of 2023 took a hit from macro headwinds and reached 3,926 units, down by over 53% compared to the same period last year. This was also the lowest number of 6-month launch ever recorded in the last 5 years. This decline is because of the cautious sentiment of both developers and buyers since the market continues to be affected by macro factors.

Industrial: The industrial market recorded many positive signals after Vietnam reopened the borders. The market expects strong pipeline over the next three years.