Many business premises in the center of Ho Chi Minh City are vacant.

SGGPO 11/23/2023 20:13

There are only more than 2 months left until Lunar New Year 2024, but many large premises in the center of Ho Chi Minh City are still vacant.

A space on the frontage of Vo Van Tan Street (District 3), formerly a seafood restaurant, is now closed and has a sign for rent. Photo: DUC TRUNG

In the context of economic difficulties, the frontage houses in the central area of Ho Chi Minh City for rent as shops are falling into a state of vacancy, lacking tenants. Although the owners have made a move to reduce the rental price quite deeply, the wave of returning business premises has occurred simultaneously throughout the inner city districts, especially those with prime locations.

Many large facades in District 3 have been left vacant for months. Photo: DUC TRUNG

A space of several dozen meters wide has been left vacant for many days on Hai Ba Trung Street (Tan Dinh Ward, District 1). Photo: DUC TRUNG

According to records, along the streets in the city center such as Tran Hung Dao, Nguyen Thai Hoc, Nguyen Trai... it is not difficult to see the scene of premises hanging signs for rent, closed doors everywhere. In just 2km of Hai Ba Trung street from Tan Dinh market to Tran Hung Dao monument (District 1), there are no less than 30 large and small premises hanging signs for rent.

Most of these premises have large frontages, with rental prices ranging from 130 to 250 million VND/month. According to brokers, this rental price has decreased by about 20% compared to last year, and the owner also waives the first 1-2 months of rent for customers to repair the premises. This is an unprecedented incentive policy that brokers have evaluated, but there are still no tenants.

Ly Tu Trong Street, Ben Thanh Ward (District 1) has a series of closed business premises. Photo: DUC TRUNG

On Ly Tu Trong Street (District 1), there are currently more than 20 premises with signs for rent, mainly premises paid for by fashion brands and businesses in the F&B industry.

The two-frontage premises at the intersection of Ly Tu Trong and Truong Dinh (District 1), after 2 years of being vacant, still have no tenants. Photo: DUC TRUNG

At the intersection of Ly Tu Trong and Truong Dinh, the two-frontage premises have been listed for rent for 2 years now but have yet to find a tenant. Talking to the broker, this premises has an area of about ^500m2 , with 1 ground floor and 3 upper floors, with a rental price of 800 million VND/month. The contract must be signed for over 5 years. This premises was previously a Japanese restaurant but closed during the pandemic outbreak.

Mr. Vo Hong Thang, Director of Consulting Services & Project Development of DKRA Group, said that the current situation is very difficult, with the economic situation of Ho Chi Minh City, the number of vacant premises is likely to increase in the near future.

Source: https://www.sggp.org.vn/nhieu-mat-bang-kinh-doanh-o-trung-tam-tphcm-bo-trong-hang-loat-post715448.html