According to Lao Dong reporters, although the area is only 5 - 10m2, many super small business premises in Hanoi are still renovated and utilized by people as business and trading premises.
Ms. NT (renting business premises on Dao Tan Street, Ba Dinh District, Hanoi) informed that she is currently renting out a business premises of nearly 8 square meters for 7.5 million VND/month.
"If customers want to rent, they have to pay a deposit 1 month in advance. The space is small but close to the elementary school and the central street," said Ms. NT.
Renting a business space of less than 10 square meters, Ms. Nguyen Thi Ha (doing business on Truong Chinh Street, Hanoi) confided that due to limited capital, when she found a compact space, she and her husband immediately decided to rent it for 6 million VND/month.
Ms. Ha shared that many business premises on Truong Chinh Street are considered "golden land", with signs for rent with prices ranging from 10-50 million VND/month, which is very expensive.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association - commented that after the COVID-19 pandemic, many stores returned their premises and temporarily stopped operating.
Currently, the market records a large amount of business premises on central streets of Hanoi that are still vacant due to high rental prices.
Meanwhile, the demand for renting retail space on street fronts, especially prime retail space on major streets, apartment blocks, and shopping centers in big cities like Hanoi and Ho Chi Minh City, is still very large.
Regarding the situation of some super small premises in the center of Hanoi still being vacant, with no tenants, Mr. Nguyen Van Dinh said that this phenomenon is not common because this is a "golden land" area, with very expensive rental prices, or the landlord is still trying to keep the price high.
Contrary to popular belief, although the business situation on Hanoi streets remains gloomy, recently, research unit Savills Vietnam still predicted that the retail market in 2024 and 2025 will become more vibrant.
Mr. Dinh Minh Tuan - Director of Batdongsan.com.vn - also said that from the beginning of 2024 until now, the market for renting townhouses in Hanoi has begun to adjust rental prices and adjust mechanisms to better suit the groups of customers renting premises.
Experts believe that when the economy begins to recover in 2024 and foreign brands return, the market for renting townhouses will basically start to move and gradually recover in 2025.
