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Office Leasing Market Report for Q2 2022
Office Leasing Market Report for Q2 2022
Overview: In the first half of 2022, the Hanoi office market welcomed one new Grade A project in the central area. However, as the owner retained most of the space for its own use, the project added only 5,000 square meters to total supply.
Supply: Total office supply in Hanoi exceeded 1.6 million square meters of net lettable area (NLA), with Grade A projects accounting for 38%. New supply in the first half of 2022 remained limited.
Net absorption: Hanoi recorded net absorption of more than 20,000 square meters, mostly from Grade A projects.
Rents: Rents continued to rise in Q2 2022.
- The asking rent for Grade A offices reached US
- 8.7 per square meter per month, up 4.0% quarter on quarter and 5.8% year on year.
- Office rents for Grade B space also rose 1.8% quarter on quarter and 2.6% year on year, reaching US
- 4.3 per square meter per month.
Vacancy: Average vacancy rates in existing office projects also fell.
- The vacancy rate for Grade A offices was 16.6%, down 2.3 percentage points from the previous quarter and 4.5 percentage points year on year.
- The average vacancy rate for Grade B offices eased 0.3 percentage points quarter on quarter and 1.3 percentage points year on year to 10.4%.
Grade A office rents and vacancy rates in Hanoi exclude the impact of the new Grade A project. Including it, average rent and vacancy would be US
5.6 and 28.7%, respectively.
Source: CBRE - Hanoi Real Estate Market Highlights, Q2 2022
Demand: Office expansions and relocations accounted for more than 82% of all transactions in Hanoi in the past quarter.
Key sectors such as information technology and banking, finance and insurance continued to lead the market, accounting for 37% of transactions in Hanoi.
The fast-growing, well-funded information technology sector continued to expand its leased space, often deciding on an expansion within just three to six months. CBRE also recorded numerous transactions by domestic real estate companies opening new offices in Hanoi.
Outlook: In the second half of 2022, the Hanoi office market is expected to welcome three Grade A office projects and two Grade B office projects. Strong demand should continue to support stable absorption. Rents in both grades are expected to remain steady through year-end, while most new supply will be outside the city center.
Source: CBRE - Hanoi Real Estate Market Highlights, Q2 2022
The above is Artemis Tower’s discussion of seven criteria for businesses to consider when renting an office. Businesses seeking to rent office space can contact Artemis Tower today.
Contact details:
ARTEMIS TOWER
Address: No. 3 Le Trong Tan Street, Khuong Mai, Thanh Xuan, Hanoi
Phone: 0911 422 911
Contact: marketing@mhl.vn | Website: www.theartemis.vn | Artemis Office For Lease
The Hanoi real estate market in 2026 is showing increasingly clear differentiation. While housing supply tends to shift to suburban areas, inner-city real estate prices remain high and cash flow becomes more selective, real estate with central locations, complete infrastructure and the ability to actually exploit continues to have an advantage. Located at 3 Le Trong Tan, Phuong Liet Ward, City. Hanoi, Artemis Tower is a multi-functional complex with office space, commercial center and outdoor advertising locations, meeting the presence and business needs of businesses right in the inner city area.
On the occasion of National Day September 2, MHL Investment Joint Stock Company respectfully announces to our Customers and Partners the holiday schedule for convenience in contacting and arranging work.
The Hanoi real estate market in 2026 is showing increasingly clear differentiation. As investment liquidity declines and the "surfing" mentality gradually gives way to more cautious decisions, real estate properties with inner-city locations, real exploitation capabilities and complete utility ecosystems are having more grounds to affirm their value. In that context, Artemis Tower at 3 Le Trong Tan, Phuong Liet Ward, Hanoi provides suitable space for businesses looking for offices, commercial space and brand promotion positions right in crowded urban areas.
As the real estate market enters a more selective phase, cash flow no longer simply follows the expectation of price increases but increasingly focuses on location, actual exploitation ability and infrastructure connection. In that context, commercial real estate already exists in Hanoi's inner city area such as Artemis Tower - No. 3 Le Trong Tan, Phuong Liet Ward, City. Hanoi has more basis to affirm its value from its location and ability to serve real business needs.
