Grand Terra 36 Cat Linh is constructed with international standards and impressive specifications, including six office floors, three retail floors, and four basement floors for parking, providing ample space to meet the needs of tenants and visitors.
The project offers a total leasable area of up to 14,847 sqm, one of the largest office spaces with an average floor area of approximately 1,800 sqm, equipped with a 150mm raised floor and finished ceiling. The building consists of nine floors above ground and nine operational elevators, ensuring excellent service to clients and minimizing waiting time during peak hours.
Strategically located, Grand Terra 36 Cat Linh is just a three-minute walk from Cat Linh Station. After the commencement of operations in November 2021, the Cat Linh – Ha Dong Urban Railway Line 2A enables tenants to commute from Ha Dong to the building in just 15 minutes.
Furthermore, the area will benefit from additional amenities in the future as other commercial projects in the vicinity become operational, creating a new commercial and office complex in the capital, such as Tien Bo Plaza, Horizon Tower, and 11A Cat Linh Office Building.
Finished floor space with an average area of approximately 1,800 sqm
As of 2024, Grand Terra is one of the few commercial office buildings that meet the stringent LEED Gold standards. The building is committed to saving an average of 20% in energy consumption and 40% in water conservation throughout its operation.
“The future supply of office space in the inner-city area of Hanoi will shift towards Dong Da district, replacing Ba Dinh as it is currently, with not only Grand Terra 36 Cat Linh but also a series of new projects being introduced in the coming time. This new supply is expected to transform Dong Da into a new commercial and economic hub for the capital city,” said Ms. Hoang Nguyet Minh, Senior Director, Commercial Leasing, Savills Hanoi.
Assessing the office leasing segment, Savills’ report shows that while there is an increasing demand for office space from businesses, particular attention is paid to Grade A offices that meet green, sustainable standards, convenient transportation connections, and reasonable rental rates.
The Hanoi Real Estate Market Report for Q2/2024 also indicates that Grade A offices recorded the largest additional leased area, reaching 17,358 sqm due to tenant relocation and expansion, while the total additional leased area of Grade B and C decreased by 1,192 sqm.
Tenant demand for offices is changing, with the majority of employees expecting their office buildings to offer a variety of amenities in the surrounding area and within the building itself. This is driving tenants to opt for top-quality office spaces that meet ESG standards, diversify amenities, offer convenient locations, and prioritize the health, well-being, and preferences of their employees.
Ms. Hoang Nguyet Minh, Senior Director, Commercial Leasing, Savills Hanoi
Another factor that concerns businesses when choosing an office is the issue of price. According to the Prime Benchmark Report published by Savills Asia Pacific in January 2024, Hanoi has an average rental rate compared to many other markets in the region.
The report indicates that office rents in central Hanoi projects are at an average of approximately USD 41.7 per sqm per month (including management fees and taxes), lower than most other markets such as Ho Chi Minh City (USD 63.2 per sqm per month), Guangzhou (USD 43.6 per sqm per month), Osaka (USD 73.6 per sqm per month), Shanghai (USD 90 per sqm per month), Seoul (USD 101.3 per sqm per month), and Hong Kong (USD 194 per sqm per month).
Commenting on office rental rates in Hanoi, Ms. Hoang Nguyet Minh, Senior Director, Commercial Leasing, Savills Hanoi, said: “Compared to neighboring markets, Grade A office segment in Hanoi still maintains competitive rental rates. Notably, with the new Grade A supply expected to increase in the near future, office rental rates in this market may continue to remain stable or even decrease, especially in some large projects.”
“The supply of Grade A projects is evident, but not many projects meet all the strict standards of ESG, diverse amenities, convenient transportation, and reasonable rental rates. Therefore, potential tenants should consider this as an ideal time to lease new or expand their office space to seize the opportunity to lease not only quality projects but also projects that fit their budget,” Ms. Minh emphasized.
