Two office buildings to enter Hanoi’s market soon
28-05-2012
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Hanoi Trade Corporation (Hapro) has picked Savills Vietnam as an authorized dealer for its office leasing services at Hapro Building in Hanoi’s Dong Da District. This is a complex comprising five floors for retail space and nine floors for office leasing with a total floor area of 22,500 square meters. Its construction has basically been completed and it is to be put into use in September.
To attract potential customers, the investor will offer tenants free rent for between one and five months depending on the leasing space and the rental term, or slash 3-5% on initial rents. The asking rent stays at VND354,000, or some US$17 per square meter.
Meanwhile, Tasecoland has appointed Cushman and Walkfield Vietnam to be the marketing agency for its Icon4 Tower in Dong Da District. The building is constructed by Civil Engineering Construction Joint Stock Co. No.4 at a cost of VND670 billion.
The 28-storey skyscraper has a gross floor space of 40,000 square meters, including three basements covering 10,000 square meters, a shopping center covering 7,000 square meters and total office space of 23,000 square meters from the 7th to the 28th floor.
The average rent at Icon4 Tower is from VND420,000 to VND525,000 (US$20-25) per square meter, based on leasing area and rental term.
Hanoi’s leasing office market saw good performance in the first quarter, especially in grade A office segment with average rent of VND680,000 per square meter, which is on par with last quarter, according to Savills Vietnam.
Grade A office building developers in Hanoi are setting out flexible rents and incentives to maintain the current number of tenants and lure potential clients from lower-grade segments into their buildings.
The capital city has approximately 1.1 million square meters of office space with nearly half of them in Cau Giay and Hoan Kiem districts.
