Hanoi is still a market with strong attraction in the office for lease sector. The supply of offices for lease is expanding day by day with guaranteed quality. Faced with the great influence of the Covid-19 epidemic, the demand for offices for lease is still expanding, the bigger the big investor push to embrace the “beautiful” premises. It is easy to see that the Hanoi office market has potential thrive.
Market of offices for lease in Hanoi after the Covid-19
As of September 2020, the office for lease market in Hanoi witnessed a certain decrease in demand in some segments. Most of the projects are concentrated in the middle and the west of Hanoi, typically the projects of Leadvisors Tower, Star Lake, Diplomatic Area, Kosmo Tay Ho …
Currently, after the wave of Covid-19, foreign customers interrupt the process of finding and accessing offices for lease in Vietnam. Enterprises also tend to narrow their business, office work to cut costs, leading to an increase in vacancy
Office for lease solutions in Hanoi revived and developed
Operation of office for lease in Hanoi in the second quarter of 2020 tends to slow down. However, developers have been more flexible when applying open policies to retain current tenants and attract new tenants, such as: application of preferential terms, free service, discounts rental, increasing the time of fitout time …
Most tenants have accepted to narrow the scope of the office or move to a new premises with lower rents to optimize costs.
Notably, in the office for lease market in Hanoi, in order to minimize fixed costs during and after the epidemic, many tenants tend to switch from traditional office use to coworking space.
Coworking with state-of-the-art facilities and higher quality, meeting rooms are forming a more noticeable work trend during the season. Typically, some the ‘hot’ suppliers such as: Toong Coworking, 5S office,….
Potential for office leasing in Hanoi
It can be seen that, with the recent positive signals of the office for lease market in Hanoi, along with the adjustments and loosening of rental policy from the Investor/Owner, have created make it easier for tenants to find office to lease and negotiate rental agreements.
In another angle, tenants need to know the desired local market information, because each market will differ in average rental rate, occupancy rate, supply, demand … This will help businesses determine their needs and resources in line with the actual market situation or not.
When negotiating an office lease agreement, it is essential to have a good understanding of corporate law as well as a thorough understanding of legal procedures related to a lease agreement. Customers can rely on the support and advice of Odin Land to get the best rental benefits. This helps tenants ensure their rights during the negotiation and signing of the contract & minimize problems that occurs.
Office for lease in Hanoi in International viewpoint
In the coming time, Hanoi is forecasted to continue to attract large sources of FDI and be in the Top 5 provinces and cities with the highest amount of FDI in the country, identified by the Government as the leading locality in economic recover after Covid 19.
A series of free trade agreements signed and coming into effect in the coming time, most recently the Vietnam – European Union Free Trade Agreement (EVFTA), will be a good springboard for segmentation.
Office for lease in Hanoi restored and developed.
Some industries are expected to grow strongly in this moment such as: E-commerce, finance, banking, logistics, information technology, … Compared with major cities in the Asia Pacific region, the office rental market in Hanoi is expected to have a rapid recovery after the pandemic.
Especially in the second half of 2021 until the beginning of 2022, with many new projects coming into operation and the expansion of investment portfolios into Vietnam market by foreign enterprises, it is a strong leverage for development.