Ho Chi Minh City Figures Q4 2022

Office: No new supply within the quarter. The market started to feel the heat under the macroeconomic headwinds with stabilized performance, and net absorption slowed down. Fight for quality will remain the key theme for 2023 as green buildings are gaining momentum.

Retail: Thiso Mall, the first shopping mall in Thu Thiem NUA, held a soft opening. The retail sector is recovering relatively well from the Covid-19's disruptions. Retailers continue seeking high-quality retail space in the city centre and along prime high streets.  

Condominium: New supply was among the lowest in the last ten years. The H1 2022 witnessed the recovery of the residential market, and this trend was expected to continue. However, turbulence in the latter half amidst the recovery has affected the recovery speed, as well as the market sentiment. Developers applied multiple sale policies to offer discounts for buyers.

Industrial: Although supply chain disruption has now largely eased, companies are still looking to diversify risk by adding locations for sourcing and manufacturing. -  The land price in the Southern region is anticipated to increase 7-10% per annum for Tier-1 markets and 5-7% per annum for Tier-2 regions.