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Landlords fight for new tenants
Landlords in HCM City will vie with each other during the third quarter in offering better leasing deals including rent and amenities, according to the latest market review published by real estate firm CBRE.
The firm received 28 per cent more enquiries in the third quarter than the second, but more than 43 per cent of these were for spaces 150 sq.m and smaller, the review says.
The company estimates that around 1.2 million square meters of office space will be put in use over the next three years in the city.
Project owners will face a challenge from long-term tenants of large areas who plan to re-rent a part of their space at prices between 15-35 per cent lower than the standard ones, CBRS associate director of research and consulting Rudolf Hever, said at a press conference on Monday.
He also said (2,000-5,000sq.m) grade C buildings in prime locations would continue to be popular because their value and long-term lease would help tenants have greater control over their investment.
There were no new grade A office buildings on offer during the third quarter, but rents for the segement reduced lightly to a monthly average of US$36.7 per sq.m, which Hever said was due to higher demand for grade B and C spaces.
One grade B building and eight new grade C buildings came on line in the third quarter, providing a total of 63,180sq.m.
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