300,000sqm of retail space coming to Hanoi

300,000 sqm of retail space is likely to be added to the current retail space supply of over 420,000 sqm in Hanoi market within this year.
This year the capital city will see an array of completed property projects whereby the retail supply will be increased. Some big projects which are going to be used include Savio Mega Mall, Keangnam Landmark Tower, Indochina Plaza Hanoi and Vincom Centre Long Bien among others.

Extra 300,000sqm of retail space will be supplied to the market, equaling to two third of the current supply. However, the growth will slow down in 2012 as other big projects with 200,000sqm are under construction. By 2013, the retail space market of Hanoi will boom as Vincom Mega Mall-Royal City (200,000sqm), Vincom Mega Mall-Times City (230,000sqm), Usilk City….will supplement 700,000sqm to the market.

Data of CBRE realty consulting firm showed that total real retail space for lease reached 104,000sqm in the first quarter of 2011, vacancy ratio was 12.5% mainly in the projects located in developing areas, outskirts of Hanoi. In the areas inner the city, the fulfilling ratio was 100%.

On June 14, IndochinaLand and CBRE officially introduced the trade centre of Indochina Plaza Hanoi project with total floor area of 18,000sqm at No 239 Xuan Thuy St, Cau Giay Dist. The work is expected to be completed and operational by Q1 of 2012.

As reported by Savills and Colliers International, total retail space of Hanoi achieved 420,000-440,000sqm so far, up 17% year on year, mainly machinery supermarkers and shopping malls in surburb areas where the rental was cheaper a half than that of centre areas. Average leasing capacity in the city was 92%. – Vietbiz24

Tags: Vietnam retail market, Vietnam retail spaces

Posted by VBN on Jun 17 2011. Filed under Retail. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry