Hanoi Figures Q2 2024

Office: The total net absorption of both grades in H1 2024 in Hanoi was almost 30,000 sqm, 50% higher than the total net absorption of 2023, showing a resilient market. 
Retail: Hanoi witnessed an upward trend in rental rates in the CBDs, with the average rental rate reaching $180/sqm/month, up 11.3% year-on-year. In Hanoi, vacancy rates in the CBDs remained low at only 1.7%, while in the non-CBD areas, the average vacancy rate slightly decreased to 10.0% compared to 14.1% in the same period last year. 
Residential: Hanoi condominium market witnessed robust new supply and strong buying momentum in Q2 2024. While primary prices continued to approach the price level of HCMC, abundant new supply in this quarter has driven the selling prices in the secondary market towards a more stable cycle. It is expected that new supply in 2024 to exceed 21,000 units, the highest annual new supply ever recorded in the past 5 years in Hanoi. On the other hand, landed property market was still largely muted.
Industrial: Despite economic challenges in 2023, Vietnam's industrial sector performed well across asset types and regions, largely driven by robust demand. Emerging high-tech industries like electric vehicles and semiconductors, along with traditional sectors, has gained significant interest.