1. Retail: Soft performance

In Q2/2016, total retail stock was approximately 1.2 million m², up 4% quarter-on-quarter (QoQ) and 22% year-on-year (YoY) due to the entry of Thang Long Victory (Block T1), Thang Long Garden, and Victoria Van Phu which cumulatively provided approximately 48,000 m².

The average occupancy decreased -5.9 ppts QoQ and -1.6 ppts YoY. While department store occupancy increased 0.2 ppts QoQ, shopping centre and retail podium decreased -5.4 ppts and -15.8 ppts QoQ respectively.

According to Savills survey conducted across fifteen shopping centres and department stores in Ha Noi, the average area for fashion accounted for 49% of the total area, followed by food & beverage with 24 percent.

2. Office: Continued recovery

One project entered the market supplying approximately 18,000 m². Ha Noi’s office stock increased 1.4% QoQ and 9.4% YoY. In 2H/2016, two projects will come online, providing approximately 47,000 m².

Compared to last quarter, average rent and occupancy increased across all grades. For rent, both Grade A and B grew 0.6% QoQ, while Grade C pushed ahead 3.7% QoQ. For occupancy, Grade A was stable QoQ, while Grade B increased by 3.1 ppts and Grade C by 0.9 ppts.

Grade A performance in both the CBD and non-CBD was stable in terms of average rent and occupancy.

For more information, click 04072016 – Savills report on Hanoi Real Estate Market Q2-2016 – EN and 04072016 – Savills báo cáo thị trường bất động sản Hà Nội Q2-2016 – VN.


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