According to data from Savills Vietnam, in the first quarter of 2026, Hanoi's retail real estate market recorded positive developments with increased rents and improved occupancy rates over the years. The city's total modern retail supply reached about 1.7 million m2, of which commercial centers still dominated.
Market-wide occupancy rate reached 89%, boosted by successful repositioning activities of many shopping centers to attract a wider customer base. Ground floor combined rent increased by 4% year-on-year. The inner city area recorded the highest retail density, continuing to consolidate its role as a key retail area of Hanoi. Meanwhile, supply in the central area is still limited due to scarce land funds.
The central area continues to maintain the highest rental price along with strong demand, especially in the high-end retail segment. However, areas outside the center are gradually affirming their role, in line with Hanoi's 100-year planning orientation on developing suburban growth poles and satellite urban systems to expand the density of the core area. When these areas are gradually completed and put into stable operation, it is expected to contribute to reshaping the market structure in a more dispersed direction.
By 2026, nine projects will add about 266,824 m2 of new retail supply to the market. In the 2027-2028 period, future supply will mainly focus in the Starlake area, with many projects expected to be completed in a short time. The entry of large-scale projects continues to strengthen the importance of differentiation based on experience in the retail market.
Mr. William Gramond - Director of Commercial Leasing Department of Savills Hanoi - said that rental prices recorded steady growth year by year throughout Hanoi. Although there is differentiation between small-scale townhouses and commercial centers, in general, rental prices are still at a stable level.
In the context of changing consumer behavior, as people increasingly prioritize shopping on e-commerce platforms, Mr. William said that retailers should strongly shift to the experiential retail model instead of purely traditional stores. In addition, retail businesses need to choose more carefully when deciding on store locations.
The multi-channel retail model and online channels will become overwhelming in the next few years, and in fact that has started today. Retailers have adapted quite well, although this will still be a constant'threat'," said William Gramond.
It is predicted that in the coming time, the market will witness strong growth of the retail segment in the suburbs with many new projects about to be launched. The Tay Ho area is a typical example with Lotte Center.
It can be seen that the trend is shifting from the old center to the western area and is gradually expanding to Tay Ho. With the presence of new brands and operating units, along with the increasing interest from international brands, this will be a noteworthy market in the coming quarters" - Mr. William Gramond said.
