Office: Overall average asking rents fell slightly by 1% q-o-q as most projects kept rents stable, although some offered reductions to attract tenants during the pandemic, but rose by 3% y-o-y, mainly due to higher rents at recent completions. The upwards trend is expected to persist in the short to medium-term with forecasts of improved market performance in the upcoming period.
Industrial: Average asking rent remained unchanged q-o-q but increased by 1% y-o-y due to rising rents at existing industrial parks with limited available land for lease. The average rent for industrial land in Hanoi remained the highest among the Northern provinces, at 69% higher than Hung Yen, and 46% - 48% higher than Hai Phong and Bac Ninh respectively.
Apartments for Sale: The overall market average price continued growing, up 1% q-o-q and 13% y-o-y. Grade B and Grade C prices remained unchanged q-o-q but climbed by 8% and 5% y-o-y respectively, mainly due to higher prices at new launches and price escalation at existing prime location projects. Meanwhile, Grade A prices rose by 4% q-o-q but fell by 3% y-o-y, mainly due to lower prices at a recently launched project and downward adjustments at some projects in search of buyers.
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