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“Reach 1 Million in the next 5 years”
By the end of 2015, Vietnam had around 550 thousand active enterprises. That figure is forecasted to reach 1 million in the next five years, half of which will be located in Hanoi and Ho Chi Minh City.
Such rise in number of businesses calls for a corresponding rise in amount of office space, especially when land prices in the 2 major cities are too expensive (up to $7,000/sqm in central districts) for modest-size enterprises to own an independent building.
Currently, Hanoi and Ho Chi Minh City’s total office space stands at 1.2 and 2.4 million sqm respectively. Each city can expect to add around 160,000 sqm to its supply source in 2017. While Ho Chi Minh City will still have the new stock concentrate in downtown area, Hanoi is likely to experience a movement towards west side of the city as its Central Business Districts is quickly running out of usable land.
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