Ho Chi Minh City’ office-space rental rates stood among the world’s most expensive due to a supply shortage on mounting demand, an international property developer and consultant said Thursday.
The US-based CB Richard Ellis Vietnam’s (CBRE) survey 2007 said the southern metro ranked the 45th among the world’s 50 most expensive cities to rent an office in.
The city’s office-space rental price averaged US$43.98/sq.m per month, higher than those in Liverpool, Amsterdam and Shanghai.
The survey findings also said HCMC listed the 14th among the world’s top 50 cities in terms of
the fastest price hiking.
With an influx of multinational firms to Vietnam, Ho Chi Minh City is forecast to face a shortage of prime office space between now and 2008, according to CBRE.
The company said the insufficient supply would send rents to the ceiling in the near future.
In fact, all major office buildings are rented out, even those that are still under construction, according to CBRE.
Even buildings located outside the city center are enjoying high occupancy rates.
CBRE also predicted that by the end of 2009, the relation between supply and demand will reach equilibrium, likely bringing property project start-ups to a halt.
Source: Thanh Nien
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