Hanoi Figures Q3 2023

Office: During this quarter, the net absorption rate was approximately 3,300 sqm, showing a recovery compared to negative absorption in the second quarter. Grade A offices dominated the majority of transactions.

Retail: Retail market became more vibrant with new supply in Q3 2023. CBD remains the most sought-after for new entries and luxury brands with limited available space. In the non-CBD, newly opened and renovated projects lead to increasing rent. The consumer market is facing some challenges in the short term, however, categories like F&B, Entertainment, and Fast Fashion still recorded continuous growth.

Condominium: Total accumulated new supply in the first 9 months of 2023 reached 6,925 units, down by over 40% y-o-y. It is expected that the total new supply in this year will reach the lowest level ever recorded in the last 10 years since 2013. Average primary prices of Hanoi condominium units in Q3 2023 remained at a high level, reaching US$ 2,128 psm, driven by the high presence of high-end share in the total new supply (over 90%).

Industrial: Industrial market continued to witness positive movements in Q3 2023. Industrial land rental rates sustained strong growth due to solid demand. RBF and RBW continued strong absorption.