No new retail space was launched in Q2 2024. In H1 2024, Hanoi welcomed an addition of 10,200 sq.m of new supply from The LinC @ ParkCity Hanoi (Ha Dong District).
Hanoi’s total retail space is estimated at around 1.4 million sq.m, up 7.7% YoY. Shopping center is the most popular retail format, accounting for 87% of the total retail stocks in Hanoi.
Occupancy: estimated at around 86%, stable YoY and slightly drop by 0.1ppt QoQ. Good occupancy was observed at well-managed large-scale projects that can accommodate the diverse needs of visitors and supply high-quality retail spaces for retailers. On the other hand, a few older shopping centers and retail podiums that have fallen off the competition have opted to welcome office tenants.
Rent: The average retail rent is recorded at nearly US$44/sq.m/month on the ground floor, stable QoQ and 5.5% YoY, mainly driven by new supply in Tay Ho District along with the annual rent escalation at multiple projects in the Secondary submarket (Ba Dinh, Dong Da, Hai Ba Trung, Tay Ho, Thanh Xuan districts) and the West submarket (Cau Giay, Bac Tu Liem, Nam Tu Liem districts).
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