Outlook 2023 Vietnam
KEY MESSAGES HANOI
By the end of 2022, Hanoi CBD is expected to welcome one new project with 8,104 sqm added to the current Grade A supply stock. Beyond this, a total of nearly 237,000 sqm of new supply is forecast for the 2023-25 period.
Given the ongoing economic instability, demand is expected
Rents are forecast to be
Hanoi CBD is likely to remain tenant favourable in the near term. The Starlake New Urban Area, which will become a prospective business hub in the future, is currently under developed. New infrastructure and new projects, either planned or under construction,
relatively stable over the forecast period, registering less than 1% growth per annum.
to slow. Accordingly, net absorption is projected to reach about 18,400 sqm in 2022.
Vacancy is expected to increase to 15% in 2022 from 8.5% in 2021, but then decline through to 2026. With the abundance of new
are likely to make the area attract occupier attention.
supply across Hanoi, the market is expected to be tenant favourable over the forecast horizon.
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