After nearly 15 years of anticipation, the Nhon – Hanoi Railway urban rail line officially commenced operations last weekend, including 8 stations: Nhon (S1), Minh Khai (S2), Phu Dien (S3), Cau Dien (S4), Le Duc Tho (S5), National University (S6), Chua Ha (S7), and Cau Giay (S8). The milestone operation of this elevated railway line has ended the solitary days of the Cat Linh – Ha Dong train and is expected to promote the habit of using public transport among Hanoi residents.
In addition to creating a trend of effortless commuting and reducing travel pressure, this radial route also brings numerous benefits to the surrounding area, especially commercial office buildings.
“Seeing Metro, think The West”
This has become the catchphrase and pride of office workers at The West, located at 265 Cau Giay, these days. For many young professionals working here, the concept of a “premium office” becomes tangible as the golden location right next to Chua Ha station offers them convenient travel, time savings, and optimized commuting costs. Traffic congestion is no longer a concern for commuters, helping to reduce the stress of urban life, which is often hectic and full of worries.
Not only does it bring practical benefits to employees, but currently, high-rise office buildings along the Metro line, such as The West, also help businesses gain a competitive edge and easily attract talent, especially those living far from the city center. This is a significant advantage in recruiting and retaining the best talent.
Since the Metro line started trial runs, The West has also witnessed a notable increase in interest from local and foreign tenants. Cau Giay is considered a strategic area in the western gateway of Hanoi, aiming to become a center with a dynamic and modern economy, one of the best in the capital. Therefore, the completion of infrastructure and the addition of transportation options like the Metro line and bus feeder systems will significantly contribute to enhancing the value of real estate projects and office buildings in the vicinity. This will not only reshape the rental property price structure but also boost almost certain returns on investment.
Synergizing Multiple Commercial Values
In reality, many large metropolitan areas with Metro lines have achieved exceptional economic growth. According to experts, this is not just a common mode of public transportation in many developed countries, but it also leverages the value of real estate near the stations. A study by EfD (Environmental Development Centers Network) indicates that within a 1-3km radius from a subway station, land values increase by more than 15%, and in a more extended range of 3-5km, values rise by about 5%.
Specifically for office buildings, the Metro line brings a “new lease of life” by promoting the development of surrounding amenities and infrastructure, such as shopping malls, residential areas, and accompanying services. This forms the foundation for creating an attractive and modern work environment for businesses seeking office spaces.
Metro is not just a means of transportation but also a driving force for economic growth and real estate value enhancement in major cities.
The West representative shared that the positive signs in the economy have boosted the recovery of the real estate market, especially office properties in key markets like Hanoi and Ho Chi Minh City. With the development of the Metro, businesses will easily recognize the importance of being ahead of urban planning in their strategy to expand their office spaces. For office buildings, infrastructure is the key to unlocking value, not just in terms of rent. Areas near Metro stations will become hot spots for investment and development, bringing considerable benefits to enterprises.
In addition to location, CBRE’s observations in the Hanoi market show that the purpose of leasing or relocating offices is to seek higher-quality spaces, along with more favorable lease terms and conditions for tenants. In terms of industries, the key sectors remain finance/banking/insurance, accounting for 46%, and information technology, accounting for 14%, with no changes expected in the near future.
About The West – 265 Cau Giay
The building has 38 floors, including office space for lease and a shopping center. The leasing area is approximately 25,000 m2 for offices and 15,000 m2 for retail, catering to the diverse needs of customers in terms of work, business, and entertainment. In addition to modern amenities such as a gym, swimming pool, and 24/7 smart security system, The West also aims to provide innovative, professional, pioneering, and dedicated Grade A services at the most reasonable rents in the area for the premium segment.
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