Surprising demand for vacant spaces in Ho Chi Minh City, people rush to reserve as soon as they become available

"Finding commercial spaces for rent can be a daunting task, especially in some of the busiest areas of Ho Chi Minh City amidst an economically challenging environment, making it hard to believe."

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Before Tet Nguyen Dan, as someone looking to rent a space, we inquired about renting a 60m2 space on Hoang Dieu 2 street (Thu Duc District, Ho Chi Minh City). After discussing with the broker, we made an appointment to see it in person. However, just 3 days later before we could go see it, the broker informed us that someone else had already “reserved” the space.

We expressed our interest in finding another space in the same area, but the broker told us: “Let me find a source and get back to you. Because previously there were a few spaces, but they have all been rented out.”

Photo: Ha Vy

In reality, it is quite difficult to find an available space on Hoang Dieu 2 street. If there is a space about to be vacated, the brokers almost “keep it secret” to limit competition in their profession. According to one broker, if there are clients returning to give back the rented space, if there’s a “for rent” sign, someone else might quickly take the source and rent it. The “hot” streets are not easy to find available rental spaces.

The space was already “reserved” by another person before the customer had a chance to see it in person. Photo: Ha Vy

According to observations, business activities on Hoang Dieu 2 street are quite bustling. This area is located inside the former Thu Duc district (now Thu Duc City), with lower rental prices compared to Vo Van Ngan, Kha Van Can, and Dang Van Bi streets. In the context of these streets having a relatively large percentage of vacant spaces, it is very rare to find an available space for rent on Hoang Dieu 2 street.

Similarly, on Nguyen Gia Tri street, Ward 25, Binh Thanh District, Ho Chi Minh City (also known as D2 street), the rental area is “in high demand.” The trend of vacating spaces in the central districts of District 1 and District 3 has benefited this street due to its adjacent position while having lower rental prices. This nearly 3km stretch of road has almost no vacant spaces, even in the context of a strong wave of space vacating in Ho Chi Minh City. According to a rental broker, the rental prices range from 40-100 million VND per month (depending on the space and area), but there are no available spaces here even though there have been many inquiries from customers.

On Nguyen Gia Tri street in Binh Thanh District, even though there have been many space vacating waves in nearby streets, it is still very rare to find available spaces here. Photo: Ha Vy

After Tet Nguyen Dan, the situation of vacant commercial spaces still occurs in the central and near-central areas of Ho Chi Minh City, but a few streets seem to be outside of this trend. The majority of these spaces have a good rental price, beautiful location, and are near convenient amenities, so commercial activities still occur quite vibrantly.

SOURCEcafef
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