Retail real estate rentals in the center of Hanoi increased nearly 35 per cent year-on-year in the first quarter of 2023 due to limited supply, according to CBRE.

The average price in the CBD area was estimated at $144 per sq m per month. The vacancy rate was around 4.8 per cent; the same as in late 2022.

In areas outside of the center of Hanoi, the average rental price was $27 per sq m per month, up 13.8 per cent year-on-year.

Retail supply at present stands at nearly 1.1 million sq m.

Hanoi is expected to welcome supply of more than 116,000 sq m of rental retail space in late 2023, including the Lotte Mall Hanoi project and the Vinaconex Diamond project, which will provide over 84,800 sq m of rental retail space, according to CBRE.