Hanoi Figures Q3 2024

Office: The total net absorption of both grades in this quarter in Hanoi exceeded the total net absorption of 2023, with over 20,000 sqm. Most of the transactions recorded involve buildings with favorable rental strategies from early stage.
Retail: The growth rate of rental prices in 2024 is expected to remain positive. Hanoi witnessed an upward trend in rental rates in the CBDs, with the average rental rate reaching $172.7/sqm/month, up 11.3% y-o-y, the vacancy rates in the CBDs remained low at only 1.7%. In the non-CBD areas, the average vacancy rate stands at 12.1% with rental prices showing an increase of 12.8% y-o-y. 
Residential: In 9M 2024, the total new supply of condominiums for sale in Hanoi exceeded 19,000 units, surpassing the entire supply for 2023 and marking the largest new supply in five years. The liquidity of Hanoi’s condominium market this quarter has been impressive; despite the influx of new units, demand remains strong. Positive purchasing power and high-quality projects from experienced developers will support robust market growth in the next 1-2 years.
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.