The most expensive street in Hanoi is struggling to find tenants.

TPO - Hue Street is known as the most expensive street in Hanoi , with a series of famous businesses. However, recently, many premises on this street have closed down, struggling to find tenants.

According to our reporter's observations, recently, Hue Street, once bustling with shops and located in one of Hanoi's most expensive areas, has become deserted. Every 3-4 houses, one is closed with a "for rent" sign, and several adjacent houses have simultaneously closed their doors and remained silent for a long time, languishing while waiting for tenants.

Ms. Hoa, the owner of a two-story shop space of over 50 square meters, said that she has kept the shop closed for two months now with no tenants. "Before Tet (Lunar New Year), many people inquired about renting it for 30 million VND/square meter, but after Tet, businesses vacated the premises. I reduced the price to 20 million VND/square meter, but still no one has rented it," Ms. Hoa shared.

Many residents in the area said that this sluggish business situation has been going on since the end of 2023. Some households were lucky enough to find tenants, while others remained closed, with vacant premises displaying "For Rent" signs.

Hue Street, once considered one of Hanoi's most expensive streets, boasts a prime location and bustling business activity. While some commercial spaces were previously unrentable even with money, they are now largely vacant and lacking tenants.

Three consecutive storefronts on Hue Street have simultaneously closed down, displaying "shop for rent" signs.

Every 3-4 houses on this expensive street, there's one with a "For Rent" sign.

A space with a "For Rent" sign has been turned into a parking area for the businesses next door.

A commercial space for rent, priced at 200-500 million VND per month depending on the usable area, is languishing while waiting for a tenant.

Ms. Nga, a small business owner selling clothes, shared: "Rent on Hue Street is expensive, the costs are high, and moreover, consumers have switched to buying online after the COVID-19 pandemic, so it's very difficult to do business here."

Reportedly, current rental prices for commercial spaces are quite low compared to other central streets, attracting investment; however, they are still experiencing low occupancy rates and are languishing while waiting for tenants.

One shop has closed down, the premises are abandoned, and the shop sign is showing signs of deterioration.

An office building in a prime location, with each floor measuring 135m2 and rental prices in the hundreds of millions of VND per month, is experiencing low occupancy rates.

Duy Pham

Source: https://tienphong.vn/tuyen-pho-dat-do-nhat-nhi-ha-noi-mon-moi-tim-khach-thue-post1627743.tpo