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Hồ Chí Minh City Office market overview

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Hồ Chí Minh City Office market overview

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Nghiên cứu thị trường văn phòng cho thuê cảu Savills Việt Nam. Công bố tháng 2-2008.

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Nội dung Text: Hồ Chí Minh City Office market overview

  1. Ho Chi Minh City Office Market Overview February 2008
  2. Overall Office Market Overview Leased Area, Vacancy Rates and Rents, Q4/1996 – Q4/2007 Leased Area (LHS) Vacancy (LHS) Average Rent (RHS) sq.m. US$ per sq.m. per mth 600,000 40 35 500,000 30 400,000 25 300,000 20 15 200,000 10 100,000 5 0 0 96 97 98 99 00 01 02 03 04 05 06 07 Source: Savills Research & Consultancy
  3. Grade ‘A’ Office Market Leased Area, Vacancy Rates and Rents, Q4/1996 – Q4/2007 Leased area (LHS) Vacancy (LHS) Average Rent (RHS) sq.m. US$ per sq.m. per mth 80,000 80 70,000 70 60,000 60 50,000 50 40,000 40 30,000 30 20,000 20 10,000 10 0 0 96 97 98 99 00 01 02 03 04 05 06 07 Source: Savills Research & Consultancy
  4. Grade ‘B’ Office Market Leased Area, Vacancy Rates and Rents, Q4/1996 – Q4/2007 Leased Area (LHS) Vacancy (LHS) Average Rent (RHS) sq.m. US$ per sq.m. per mth 140,000 50 45 120,000 40 100,000 35 30 80,000 25 60,000 20 40,000 15 10 20,000 5 0 0 96 97 98 99 00 01 02 03 04 05 06 07 Source: Savills Research & Consultancy
  5. Grade ‘C’ Office Market Leased Area, Vacancy Rates and Rents, Q4/1996 – Q4/2007 Leased Area (LHS) Vacancy (LHS) Average Rent (RHS) sq.m. US$ per sq.m. per mth 200,000 30 180,000 25 160,000 140,000 20 120,000 100,000 15 80,000 10 60,000 40,000 5 20,000 0 0 96 97 98 99 00 01 02 03 04 05 06 07 Source: Savills Research & Consultancy
  6. Ho Chi Minh City CBD Completion 2008 Project / supply / Grade Sacombank Gemadept 12,000 / B VP Tower 12,000 / B Centec EVN Building Saigon 12,000 / B Happiness Gemadept Sailing Tower Square Sailing 14,500 / B Asiana Plaza Tower Etown 3 13,000 / Suburban (Not Shown) Airport 22,000 / Business Suburban Sun Wah Tower (Not Shown) Center Completion 2009 Project / supply / Grade Asiana 27,000 / A Bitexco Tower Plaza Centre- 27,000 / B point (Not Shown) Completion in 2008 Centec 16,000 / B VP Tower Completion in 2009 Tower EVN 11,000 / B Completion in 2010 Current Supply
  7. Future supply will steadily increase Future Office Supply in HCMC, 2008 – 2012 sq.m. Existing Supply New Supply 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2008 2009 2010 2011 2012 Source: Savills Resaerch & Consutlancy
  8. Grade ‘A’ office rents rose by almost 90% in 2007 Average Rents by Grade, Q4/2006 - Q4/2008E Grade 'A' Grade 'B' Grade 'C' Suburban USD per sq.m. per month 120 100 80 60 40 20 0 Q4/06 Q3/07 Q4/07 Q4/08E Source: Savills Resaerch & Consutlancy Note: Rent is inclusive of service charge but exclusive of VAT
  9. A ‘Full-house’ Scenario is expected in 2008 Occupancy Rates by Grade, Q4/2006 - Q4/2008E Grade 'A' Grade 'B' Grade 'C' Suburban % 100 99 98 97 96 95 94 93 Q4/06 Q3/07 Q4/07 Q4/08E Source: Savills Resaerch & Consutlancy
  10. Strong upcoming take-up is expected Office Take up in HCMC, 1997 – 2010F sq.m. 200,000 160,000 120,000 80,000 40,000 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008F 2009F 2010F Source: General Statistics Office Of Vietnam, Savills Resaerch & Consutlancy
  11. Major office buildings completed in Phu My Hung in 2008 & 2009 Project Expected completition Supply Status Saigon Paragon Q2-2008 9,000 Under construction BS1 Building Q4-2008 2,600 Foundation BS2 Building Q4-2008 7,200 Foundation Nam Long Capital Tower Q4-2008 6,000 Foundation Crescent Office Building 2009 7,900 Planning Saigon Design Center 2009 5,500 Planning Current Market Comparison Estimated Highest Achievable Location Rent & Service Charge Occupancy (US$/ sq m/ month) Grade A in CBD $76.80 100% Grade B in CBD $60.65 100% Phu My Hung $22.88 100%
  12. Major office bldgs to be completed in Phu My Hung, 2008 & 2009
  13. No new Grade ‘A’ supply in 2008 Office Supply, 2008 sq.m. 70,000 A total of 25 projects providing (7 projects) 173,886 sq.m. in 2008 (13 projects) 60,000 50,000 (5 projects) 40,000 30,000 20,000 10,000 (0 projects) 0 Grade 'A' Grade 'B' Grade 'C' Suburban Source: Savills Resaerch & Consutlancy
  14. Demand will come from local companies such as banks, securities companies, funds and trading companies in addition to foreign investors. New FDI in HCMC, 2008 – 2012 US$ million 3,000 “Currently, the foreign-invested sector makes up more than 16 per 2,500 cent of the gross domestic product and 58 per cent of last year’s export 2,000 value providing more than $1.5 billion to the state budget annually, creating 1,500 1.3 million direct jobs and a million indirect ones.” 1,000 500 Minister of Planning and Investment Vo Hong Phuc 0 2000 2001 2002 2003 2004 2005 2006 2007E VIR: 28-1-2008 Source: General Statistics Office Of Vietnam, Savills Resaerch & Consutlancy “The reasons for the sharp rise in Japanese investment in Vietnam are increased risks in investment in China, increased production costs in Vietnam’s neighbours” Mizuho Corporate Bank Toshihiro Mitsui
  15. FDI keeps pouring into Vietnam Registered Investment Capital in Vietnam, 2000 – 2010F US$ million 35,000 (+16%) 30,000 (+16%) 25,000 (+16%) (+99%) 20,000 15,000 (+76%) 10,000 (+40%) (+33%) 5,000 0 2000 2001 2002 2003 2004 2005 2006 2007E 2008F 2009F 2010F Source: General Statistics Office Of Vietnam, Savills Resaerch & Consutlancy
  16. No. of registered companies rapidly increasing No. of Registered Companies & Total Registered Capital in HCMC, 2008 – 2012 No. of Registered Local Enterprises (LHS) Total Registered Capital (RHS) US$ million 16,000 2,000 1,800 14,000 1,600 12,000 1,400 10,000 1,200 8,000 1,000 800 6,000 600 4,000 400 2,000 200 0 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source: HCMC Department of Planning and Investmen, Savills Research & Consultancy
  17. Golden Land Sites: In the News! The Ho Chi Minh City administration has approved a US$56.5- million bid made by a consortium of construction industry firms for a 6,000-square meter plot of land at the Van Thanh Market in Binh Thanh District The Land [golden triangle area at Tran Hung Dao & Pham Ngu Lao Nguyen] attracted an astonishing VND10.5 trillion ($654.4 million) [bid] Thanh Nien Daily February 21, 2008
  18. Issues facing tenants in Vietnam when leasing ¾ Decentralization Completion dates delayed and sometimes stalled projects (multiple times in some cases) ¾ Developer elects to self-manage building with little or no experience ¾ Licensing issues - Ensure the Land Lord has the right to lease office space. Ask for LUR AND business license ¾ Deposits sometimes large and in advance (high costs when added to fitout costs). This often means the developer is out of money ¾ Leasable Area calculations (what is the usable area? Calculated on gross or net area) ¾ Car parking (Always an issue, never enough bays.) ¾ Agreement terms and conditions (Land Lord demanding unrealistic clauses) ¾ Liability clauses
  19. This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this document, it is subject to change and these particulars do not constitute, nor constitute part of, an offer or contract; interested parties should not rely on the statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy. No person in the employment of the agent or the agent’s principal has any authority to make any representations or warranties whatsoever in relation to these particulars and Savills cannot be held responsible for any liability whatsoever or for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher, Savills.

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