Ho Chi Minh City Figures Q3 2022

Office: Rent and occupancy for both grades improve, with the net absorption in 9M hitting 60,406 sqm, almost equivalent to the pre-epidemic level. The average vacancy rate of the Grade A office was only 6%.

Retail: Asking rents in the CBD still maintain upward momentum, especially in prime locations (reaching US$185-250/m2/month). Meanwhile, the vacancy rate in non-CBD tends to decrease slightly as some brands shift their expansion trend towards the non-CBD area.

Condominium: New supply fell sharply q-o-q after a "surge" in Q2, with only 2,851 units being offered for sale, down 80% q-o-q. The primary selling price has not shown any sign of cooling down. The high-end and luxury segments will continue to lead the new supply in the last three months of this year, with 66% from the high-end and 31% from the luxury segment.

Industrial: The industrial market in the South remains active, with an average occupancy rate of 95% in the Tier-1 market. Industrial land price is expected to stay at a high level, albeit facing more competition.