Office Space In Hanoi's CBD Nowadays

In 2018, Mr. Matthew Powell - Director of Savills Hanoi made a statement about this famous area as: "Hoan Kiem District has always been in shortage of future supply, lack of floor spaces and large-scale offices". The West area of Hanoi will become the new business center, due to the increase in office workers preferring to live here soon. In addition, the metro system has been developed to priorities access to this area, which helps in creating momentum for the office market.

Hoan Kiem District current lacks large, modern office spaces and facilities, especially meeting a Grade A standard. The district is no longer viewed as the financial district, as banks and financial service providers have mostly relocated to the West & Mid-town areas (Ba Dinh, Cau Giay, Tay Ho, or My Dinh District). The main reasons for office relocation from Hoan Kiem include the lack of available land and laws restricting building height, reconstruction and renovation.  

Hanoi Office Market Review:

According to Savills Vietnam occupancy of Grade A offices in Hoan Kiem District has always remained above 90% and is expected to keep rising.

Overall, gross rent and average occupancy has continued to increase in Grade A, B & C offices. This year, 169,000sqm of office supply will enter, of which almost 95,000sqm comes from Capital Place - a new Grade A building located opposite Lotte Center in Ba Dinh District.

In 2021, Savills Vietnam has forecasted a significant Year-on-Year decrease with only 27,000sqm expected to come online. The lack of stock could heavily affect the rental value in the Hoan Kiem District, until there are new supplies in the area. At least in the next 3 to 5 years, Savills’ experts believed that the highest rent will still be Hoan Kiem District, followed by Ba Dinh District and the West Area.

Brand new Grade A office building:

 As the only new Grade A office building in Hoan Kiem District for more than six years, Thaiholdings Tower is forecasted by many professionals to become a strong push for Hanoi’ office supply level in 2020. With over 25,000 m2 of floor space to lease, Thaiholdings Tower will meet the needs of a "thirsty" Hanoi office market. The project was invested and built to become a high-class Grade A office building, meeting all the standards and requirements from all types of organizations.

Located in the old quarter, Thaiholdings Tower owns 2 extremely valuable facades in Tong Dan Str and Tran Quang Khai Str - the streets where most leading economic & finance organizations are occupying (State Bank of Vietnam, Vietcombank Tower, BIDV Tower, etc.). The building is only 400m away from Sofitel Legend Metropole Hotel - one of the most luxury five-star hotel in Hanoi and is within walking distance to Hoan Kiem Lake, Hanoi Municipal People's Committee, Monument of King Ly Thai To, and many other world-famous attractions. The area has a stable transportation infrastructure, ensuring traveling to main areas of Hanoi is convenient, allowing ease of connectivity to different districts.

Thaiholdings Tower's Grade A office standard will appeal to many businesses and organizations. The building is one of only a few projects to apply a smart office model with modern equipment such as IBMS (Intelligent Building Management System), Hyundai High-speed Elevators (4m/s), Trane Air-conditioner Systems (Imported from USA), etc. These high-specs technologies will increase productivity and efficiency, ensuring the best possible working environment. In the situation where there is a big shortage of new office spaces (Grade A’s in particular) in Hoan Kiem District, the opening of Thaiholdings Tower has already became the center of attraction for a lot of organizations and Savills’ clients.   

Thaiholdings Tower Site Tour:

Come and join with Savills Vietnam to discover this brand-new grade A office, or simply to networking and updating on the current Hanoi’ office market.

📌 More details of the building: https://lnkd.in/fr2uXTh

✔ Please email or call me to register for site tours via:

(Mr.) Linh, Nguyen Viet

Phone: +84 97 636 8897  

Email: NVietLinh@Savills.com.vn

See Further:

• Hanoi Commercial Office Leasing: Need to Know
• Hanoi CBD’ Most Famous Buildings - Past, Present and Future