On September 9, recorded on many commercial streets in Ho Chi Minh City such as Hai Ba Trung, Tran Hung Dao, Su Van Hanh..., the scene of shops closing, hanging signs for rent or transfer still appears. Many premises that used to be business locations for familiar brands are now waiting for new tenants.
However, behind the vacant premises is not only the story of businesses withdrawing. The market is undergoing a process of screening and redistributing tenants, as businesses consider more carefully about location, cost and customer access.
Currently having 2 premises for rent on Tran Hung Dao street, Mr. Nguyen Hoang Phu (An Dong ward, Ho Chi Minh City) said that before, when a store returned the premises, he often quickly found new tenants. About a year ago, the time to find customers has been longer.
Currently, my 2 premises are being offered for rent at 15 million VND and 17 million VND/month respectively, both lower than 1-2 years ago. Renters now not only care about the price but also carefully calculate the number of passengers, business capacity and operating costs. Some people agree to rent but propose to reduce the price or provide initial support to repair the premises" - Mr. Phu said.
According to Mr. Phu, keeping stable tenants is no less important than keeping prices. Leased premises left empty for many months means that the homeowner loses revenue, while it is not certain to find new customers at the expected price.
In the opposite direction, tenants are also calculating more carefully. Instead of just looking for beautiful locations, businesses are interested in customer traffic, sales capacity and total operating costs. Flats with high rental prices but disproportionate number of customers are therefore increasingly difficult to retain tenants.
The change is clearly shown when a part of the brand moves from townhouses to shopping centers. This model helps businesses access a concentrated customer base, while combining shopping with dining, entertainment and experience.
Talking to Lao Dong Newspaper, Ms. Le Thi Huyen Trang - General Director of JLL Vietnam - said that the attractiveness of Ho Chi Minh City to commercial real estate investors is basically still maintained.
In Q2/2026, JLL recorded positive net absorption in the commercial real estate market of Ho Chi Minh City in Grade A and B offices despite no new supply. Some commercial centers in the central area continue to have new rental activities.
According to Ms. Trang, we should not only look at the number of businesses joining or withdrawing in the short term to assess the market. What is more noteworthy is the differentiation between segments and types of premises when consumer behavior is changing.
The supply of key shopping centers in Ho Chi Minh City is expected to remain stable in the short term, and the vacancy rate is expected to gradually decrease. The average asking rent is forecast to increase by about 3-5% per year in both the central and outer center areas thanks to the trend of developing experiential retail models.
Conversely, if businesses continue to withdraw, traditional street space, especially routes heavily dependent on small individual customers, may face higher vacancy pressure. In the next 6-12 months, land owners will have to be more flexible in terms of price, function and exploitation model to find suitable rental groups.
