New trends in Hanoi office for lease put the limelight on the west

October 27, 2020 | 09:00
In the first three quarters of 2020, the office-for-lease segment in the west of Hanoi has been facing serious challenges caused by the COVID-19 pandemic. The pandemic has reshaped the market with new trends in which the supply is expanding to non-central business districts, especially to the western area of Hanoi.
new trends in hanoi office for lease put the limelight on the west
The Hanoi office for lease segment is moving to the west

According to a report released by Savills Vietnam, the total supply of office space in Hanoi is currently at around 1.8 million square metres, up 1 per cent on-year with most projects located in the west of the city.

Grade A buildings accounted for the largest market share with 25 per cent, with strong occupancy growth but the average gross rent decreased slightly by 1 per cent both on-quarter and on-year.

This can be easily explained by the negative effects of the pandemic on the general economy of the whole region, leading to the hesitancy of both landlords and tenants. In high-quality office buildings, landlords are providing support to the tenants, including rent adjustments, favourable lease terms, and re-negotiation of essential terms.

In addition, the Hanoi office market was also buoyant due to the positive signs and prospects of the general economy of Vietnam. Hanoi still remains a safe and stable place for business and investment and has been flagged by the government as one of the leaders in economic recovery after the epidemic.

Hanoi took the lead nationwide in FDI attraction during the 2018 - 2019 period. Notably, it received some $3.28 billion in the first nine months of this year, amid the COVID-19 pandemic.

It currently has 6,278 FDI projects worth over $47.7 billion, of which $28.5 billion has been disbursed.

In 2021-2024, the overall growth of the country is expected to total at 6.7 per cent per year, continuing to be the leader of Southeast Asia.

In October 2020, an inland bridge of Ring Road No.3 was officially put into operation after two years of construction. Ring Road No.3 is the newest and widest road of the capital that stretches from Xuan Thuy and Mai Dich intersections to Thang Long bridge with a total length of more than 5.3km.

Designed with 12 lanes running in two directions, Ring Road 3 and Pham Van Dong Street have become a key traffic project connecting the central districts of the city to Noi Bai airport and especially linking the western area of Hanoi to the north-west gate of the city.

In 2021-2024, the overall growth of the country is expected to recover at 6.7 per cent, continuing to be the leader in Southeast Asia.

Leadvisors Tower – a hotspot of office market in western Hanoi

With the new trends in the Hanoi office market, tenant demand in the western areas of the capital is increasing. This includes Grade A office building Leadvisors Tower, located at 643 Pham Van Dong Street, Bac Tu Liem district.

new trends in hanoi office for lease put the limelight on the west
Grade A office building Leadvisors Tower, located at 643 Pham Van Dong Street, Bac Tu Liem district

Dinh Nhat Tuan, representing the developer LeadvisorSanei Hospitality Holdings, said that the developer spent a great deal of enthusiasm on Leadvisors Tower to make it a premier office project in the western area of Hanoi.

“We aim to offer tenants a comfortable, efficient, and up-to-date Grade A office building. We believe that Leadvisors Tower is the perfect choice in the current market landscape for companies looking for high-quality office space in the western gateway areas of Hanoi (My Dinh district) and the north of Hanoi in Vo Chi Cong Street of Tay Ho district.

With design inspired by modern Japanese architecture and the traditional roof system of the ancient capital Kyoto, the project is considered the first Japanese-class office building on the market.

Located on Pham Van Dong Street- Ring Road 3, which is currently expanded to become a new urban and economic hub in western Hanoi, Leadvisors Tower is a high-class Japanese office building with a gross floor area of nearly 28,000sq.m. From this strategic location, office for lease tenants can conveniently reach Ba Dinh district, the Diplomatic Corps Area, and Noi Bai International Airport (passing through Thang Long Bridge and Nhat Tan Bridge).

Leadvisors Tower is an office tower with 25 floors and three basements for parking. The total floor area available for rent is nearly 20,000sq.m, with average office spaces ranging from 800 to 1,000sq.m, meeting the diverse needs for offices, co-working spaces, showrooms, food and beverage services, as well as gym and fitness.

Leadvisors Tower possesses an ideal location and innovative design with all sides using high-quality double-layer tempered glass, allowing tenants to enjoy a panoramic view of the city, while Japanese green gardens await visitors on the first, 10th floor, and the rooftop as a highlight for the whole project.

In addition, Leadvisors Tower has also been designed to suit the rigorous needs of tenants, especially technology, architecture, and design companies thanks to the ceiling height of up to 4.3m, large spaces to accommodate additional air-conditioning systems or to deploy new technical facilities.

Leadvisors Tower is developed, operated, and leased by LeadvisorSanei Hospitality Holdings, a joint venture between Leadvisors Capital Management – a Vietnamese asset management and investment company – and Sanei Architecture Planning Co., Ltd. – one of the leading Japanese listed companies in the field of architecture and construction.

Officially launched to the market in the third quarter of 2019, with flexible leasing policies and many incentives, Leadvisors Tower is an ideal choice for domestic and foreign companies.

For more information about the project, please visit the project website or call the hotline: 083.883.6006.

By Bich Ngoc

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