Ho Chi Minh City Figures Q2 2023

Office: Grade A&B office buildings in HCMC saw a slight rental adjustment compared to last year. Developers are willing to offer negotiated attractive prices to fill up vacant office spaces quickly, such as providing rents on the higher floors equivalent to those on the middle floors to attract tenants.

Retail: The market started seeing more openings and expansions. The average asking rent in the CBD area was unchanged, while the rent in the non-CBD area slightly increased, driven by the rental increase in some large shopping malls.

Condominium: New supply in Q2 2023 continued to be in high-end or mid-end segments. Although absorption was improved, primary selling prices declined for the first time in the past five years since 2018 due to more flexible sales policies.

Industrial land: The industrial market remained bright in Vietnam's real estate market in H1 2023 with healthy absorption of industrial land, ready-built factories and warehouses (RBF and RBW) across North and South. In the first six months of 2023, the supply chain disruption and the shortage of orders mostly happened in traditional industries such as garment and footwear. However, the electronics, ITC, and high-tech sectors still recorded the participation and expansion of foreign companies.