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        Saigon Office Newsletter

        Monday, 04:32 Day 15/10/2018

        Jones Lang LaSalle (JLL) Vietnam has released a comprehensive report on the real estate market in HCMC, highlighting the explosion of new shopping malls that are not in the central business district CBE. the more distant counties.

        In the third quarter of 2018, Vincom Center Landmark 81 (Binh Thanh District) officially opened, providing more than 46,000 square meters of retail space. In addition, the market also recorded a trade center outside the center has transformed the capacity.

        As of Q3 / 2018, the total supply of trade centers in HCMC reached 989,403 m2, up 15.3% year on year. It is worth noting that retail space in the outskirts of Saigon accounts for 80% of total supply and in the future, this ratio may continue to increase.

        From now to the end of 2018, the market is expected to welcome new supply sources, mainly in the off-center areas such as commercial areas of Estella Place (District 2), Cong Hoa Garden (Tan Binh) and TTC Plaza (Binh Thanh).

        The explosion of these shopping centers has led to a shift of tenants to the center of the city, especially to the east of Saigon. However, with many new entrants entering the market, vacancy rates are likely to increase.

        Market rents reached $ 46.2 per square meter per month, down 0.2 percent quarter-on-quarter and 0.7 percent year-on-year. An off-center trade center was restructured in terms of price type and pricing, which reduced its rents by 0.4% to $ 37 per square meter.

        JLL estimates that although the retail supply is booming in the suburbs, the CBD continues to attract top international brands as well as potential tenants. Therefore, with the new supply of retail space appearing outside the CBD, the competitive pressure of the locations in the non-CBD area will become increasingly apparent in the future.

        This unit further recommends, with the ebbing of e-commerce has been developing strongly in major cities across the country (including HCMC), to catch up the trend, retail projects in the future will focus on creating new shopping experiences. It is becoming a destination for cultural exchange, entertainment, experience and display instead of simply shopping as before.

        Theo Vnexpress

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