According to Lao Dong reporters, although it is the end of the year, many premises on Kim Ma and Giang Vo streets (Ba Dinh district, Hanoi) are still vacant.
Many shop owners have even had to divide their areas, rent out each floor, and reduce deposits, but it is still difficult to attract tenants.
Ms. Nguyen Thi Hoa (living on Kim Ma Street) said that since the beginning of 2024, many brands and stores on the route have continuously left, closed down and hung up signs for rent in series.
"It used to be the busiest commercial street, but for nearly a year now, the row of shops here has been hanging signs for transferring and leasing premises in large numbers," said Ms. Hoa.
After the tenant returned the premises, Mr. Nguyen Trung Hieu (the landlord on Giang Vo street) is also posting an advertisement for a 5-storey premises for rent, area 80 m2/floor with a price of 65 million VND/month.
According to Mr. Hieu, despite offering the above incentives, for nearly a year now, many business premises on the street with rental prices ranging from 15-80 million VND have not found customers to sign long-term contracts, and have been covered with for-lease signs.
Many real estate experts note that investors and businesses need to carefully calculate and choose which areas are good or bad for business because the current trend is online trading. In particular, areas that can trade traditional goods but cannot sell online should also be considered.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that in recent months, many businesses, brands, and labels have had to return their premises and flee from major streets in Hanoi.
The reason is that many real estate segments are in the process of recovery. Meanwhile, online business is booming, direct shopping power at many service stores tends to decrease.
The Vietnam Association of Realtors (VARS) said that recently many business premises in Hanoi are vacant because business owners cannot "bear" the costs of renting premises, employee salaries, electricity and water bills.
Recently, businesses that could switch to online operations have quickly returned their premises and withdrawn from central Hanoi streets to save costs.
This has led to a situation where many central streets in Hanoi have a series of vacant premises, and the return of business premises on existing streets is also quite common.
