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Hanoi Office MarketBeat Q3 2022 Hanoi Industrial & Logistics MarketBeat Q3 2022

Insights

Hanoi Office Marketbeat

Cushman & Wakefield’s latest MarketBeat report analyzes Q2 2024 economic and commercial real estate activity. 

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In H1 2024, no new supply entered Hanoi office market. The total Grade A&B office supply was above 1.7 million sq.m of NLA. 37% of which is from Grade A supply.

In H1 2024, net absorption is estimated at around 27,800 sq.m, with Q2 2024’s absorption improved compared to that of Q1 2024. Notable transactions in H1 2024 are mainly from tenants with large-scale demand, capitalizing on the ongoing market slowdown to upgrade their office space to newer and better buildings. Meanwhile, medium and small tenants still prefer renewal at their current location.

The Secondary and the West areas are where most leasing activities happened in H1 2024. Specifically, in Q2 2024 period, good absorption is mainly observed in the Ba Dinh, Thanh Xuan, and Cau Giay Districts.

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