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HCM City offices leased for rock-bottom rates
The average prices for A-grade office leases decreased 5 percent and nearly 8 percent for B-grade office rentals in the second quarter of 2010. The rates, according to CBRE, have hit rock-bottom.
CB Richard Ellis Vietnam (CBRE) on July 8 announced that the prices for A-grade offices in the second quarter fell from $39.6 to $37.5/square meters/month in comparison with the first quarter.
The reductions were 7.95 and 3.12 percent for B and C-grade offices. Accordingly, the price for B-grade offices reached $19.28/square meters/month, so they are enjoying a golden age as many new B-grade buildings have been opened.
In the last three months, the floor area of offices for lease rose by 9.6 percent, equivalent to more than 124,000square meters in nine new buildings. HCM City currently has more than 1.4 million square meters of offices for lease.
According to CBRE, the prices for leased offices will not decline further because they have reached their lowest possible point.
A survey by VNE online newspaper of District 1 in HCM City shows that rents are ranging from $30-43/square meters/month. From now to the end of 2010, HCM City will have an additional 20 offices for lease, totaling 153,000 square meters.
At the same time, occupancy rates of three- to five-star hotels in Hanoi rose to 54.52 percent in the second quarter, a year-on-year increase of 10.26 percent. Four-star hotels registered the highest average increase of all, up 53.09 percent, attributable to the increases of 12 percent and 13.5 percent in the number of foreign and domestic tourists to the capital city, respectively, in the first half of 2010.
During this period, the average daily rate (ADR) of five-star hotels experienced the strongest decrease of 20.36 percent to $119.9 and four-star hotels, 1.54 percent to $65.74. While three-star hotel ADR posted an increase of 4.93 percent to $39.17.
Average daily revenue per occupied room of three-star hotels posted the highest increase of 26.1 percent to $22.42, followed by four-star hotels, 6.26 percent to $36.58.
The grand ceremony of Hanoi’s millennium anniversary and the Vietnam National Tourism Administration’s promotion campaign are expected to help raise the number of visitors to Hanoi in the second half of the year, which will increase hotel occupancy rates.
During the six-month period, Vietnam welcomed 2.5 million foreign visitors, a yearly increase of 32.6 percent and 14.8 million domestic tourists, up 10 percent.
vietnamnet
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