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My Dinh office towers expand, rent remains low   2009-12-17 - TBKTVN

My Dinh office rental rates may decrease and stay at levels lower than those in the current administrative centre, according to CB Richard Ellis Vietnam, a real estate consultant center.


CB Richard Ellis said that the western area of Hanoi centered in My Dinh and Tu Liem, will become the new administrative centre of Hanoi and Vietnam. Therefore, a lot of office building projects are planned, including Keangnam Hanoi Landmark Tower, CEO Tower, Grand Plaza Tower, or Song Da Twin Towers.


Real estate developers have spent money on these projects because they anticipate the trend of relocating offices to this area. Businesses and agencies will tend to set up offices in this area instead of the city center.


A series of new projects will be kicked off or put into operation in the time to come, such as CMC Tower, which will be open in December 2009, Grand Plaza Tower, operational in January 2010 and Indochina Plaza Hanoi,  which is expected to be completed in 2011.


CB Richard Ellis Vietnam, the sole management and marketing unit for CEO Tower on Pham Hung Road, said that the 27 story building is nearly full occupancy.


“The period when clients chose to lease offices in central districts like Hoan Kiem and Hai Ba Trung is over,” said Richard Leech, Managing Director of CB Richard Ellis. Nowadays, businesses locate their offices in Cau Giay, Nguyen Phong Sac and Tu Liem.


Also according to CB Richard Ellis, the supply of high quality offices in My Dinh has increased due to heavy investment in the area, which will influence the real estate market in the next 24 months. Rentals rates of offices in My Dinh will be lower than the rentals of offices in the central area.

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