Recently, Ho Chi Minh City has had a new appearance with many changes in infrastructure such as: walking zone on Nguyen Hue Street, Metro project, newly-built office buildings and hotels, etc.
Five years ago, many organizations and businesses left the center of Ho Chi Minh City due to the high rent for offices in this area. However, in recent time, they tend to come back the downtown such as District 1 and District 3.
Occupiers tend to return HCM's downtown because of stable rent
and infrastructure improvements (Photo: Mai Vong)
Another reason for this trend is said the rapidly increasing rental for offices in non-central areas while rental in the downtown is quite stable thanks to additional supply from newly-built office buildings.
Currently, the asking rent for a B-class office in suburban is approximately 22 USD/m2/month. Five years ago, it was only 15 USD/m2/month. In the central districts, office rent has remained stable at 32 - 35 USD/m2/month for many years.
According to Greo Ohan, Head of rental office department for CBRE Vietnam, occupiers are coming back to the central districts of HCMC and the average rent for A-class office is expected to rise since the beginning of 2016.