According to Lao Dong reporters' records in the first days of 2025, a series of premises on central streets of Hanoi such as Kim Ma, Tran Duy Hung, Nguyen Phong Sac, Nguyen Thai Hoc, Xa Dan... have been vacant in recent times.
Although there are many vacant stores, when asked about rental prices on the above streets, shop owners all expect quite high prices.
It is noted that most of these streets often focus on selling items such as clothes, fashion accessories, electronics, etc.
Mr. Nguyen Xuan Manh (doing business on Kim Ma street, Ba Dinh district, Hanoi) informed that although many stores here have hung up signs for rent, offering all kinds of invitations, from mid-2024 until now, few customers have come to inquire about renting.
According to Mr. Manh, not only are there signs for rent, but on many online groups, every day there are also dozens of posts for renting street-front houses, transferring fashion stores, and spas on central streets of Hanoi.
The reason why few people rent premises, according to Mr. Manh, is because the cost is too high. “The rental properties are usually located on a beautiful facade, in the center of Hanoi with a lot of traffic, so the price cannot be low. Those who rent for business but cannot sell their products are under a lot of pressure,” Mr. Manh shared.
Contacting a landlord who advertised a house for rent on Tran Duy Hung Street (Cau Giay District), this person said that the rental price of the premises is still high, although it has decreased slightly compared to before.
According to this person, the rental house is 5 floors with a frontage of nearly 50 square meters, the rental price is 470 million VND, this price has decreased compared to before. Previously, the rental price for all 5 floors for business was more than 500 million VND.
Economist, Dr. Nguyen Minh Phong said that the situation of unsold premises on many central streets of the capital is becoming more and more common.
Sharing the same view, Mr. Le Dinh Chung - General Director of SGO Homes Real Estate Consulting and Development Joint Stock Company (Hanoi) - confirmed that street-front houses for rent are in a sluggish state.
"The general market is gloomy, the reason is that online shopping is growing strongly so businesses and sellers do not need much street space to display their products" - Mr. Chung said.
Moreover, maintaining offline business premises is costly, so tenants are very careful to ensure business efficiency. Not to mention, the business market is somewhat gloomy but the rental price is still very high.
