NOVEMBER 2013 | HCMC CENTRAL BUSINESS DISTRICT

HO CHI MINH CITY

CBD MARKET Report

www.colliers.com/vietnam
TABLE OF CONTENTS

HCMC CBD MARKET REPORT | NOVEMBER 2013

Market Highlights
OFFICE MARKET

.................................
HCMC CBD MARKET REPORT
NOVEMBER 2013

Economic Overview

FDI IN HCMC BY MONTH, NOVEMBER 2013

According to the report from...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | COMMERCIAL OFFICE MARKET

Market Performance

VIETCOMBANK TOWER

The commercial off...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | COMMERCIAL OFFICE MARKET

Office Market Overview
No
1
2
3
4
5
6
7
8
9
10

Name
Saig...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | RETAIL MARKET

Retail Market Overview

CPI RETAIL & SERVICES REVENUE

The socio-eco...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | RETAIL MARKET

RETAIL MARKET OCTOBER 2

DEPARTMENT STORE

Source: Colliers Internat...
NOVEMBER 2013 RETAIL MARKET
KUMHO MONTHLY |MARKET REPORT
Name of Project /
Building

No
1

Caravelle Hotel

HCMC CBD MARKE...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | HOTEL MARKET

Hotel Market Overview

INTERNATIONAL VISITORS TO HCMC

The total exis...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | HOTEL MARKET

Outlook

PERFORMANCE OF 4 & 5 STARS HOTEL

The fact that multiple sma...
HCMC CBD MARKET REPORT
NOVEMBER 2013 | SERVICED APARTMENT MARKET

Market Performance
The average asking rent of Grade A an...
HCMC CBD MARKET REPORT | NOVEMBER 2013

About Colliers International
Colliers International is a leader in global real est...
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HCMC CBD Market Report | Nov 2013

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Colliers Vietnam's monthly market report on the Central Business District of Ho Chi Minh City. It covers the Office, Retail, Hotel, and Serviced Apartment markets.

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HCMC CBD Market Report | Nov 2013

  1. 1. NOVEMBER 2013 | HCMC CENTRAL BUSINESS DISTRICT HO CHI MINH CITY CBD MARKET Report www.colliers.com/vietnam
  2. 2. TABLE OF CONTENTS HCMC CBD MARKET REPORT | NOVEMBER 2013 Market Highlights OFFICE MARKET ................................................................ 2-4 ............................................................... 2 ............................................................... 3 ............................................................... 3 ............................................................... 4 ............................................................... 4-5 Market Overview ............................................................... 4 Market Performance ............................................................... 4 Outlook ............................................................... 5 Table ............................................................... 6 ............................................................... 8-10 Market Overview ............................................................... 7 Market Performance ............................................................... 7 Outlook ............................................................... 8 Table ............................................................... 6 ............................................................... 8-9 Market Performance ............................................................... 8 Outlook ............................................................... 9 Table ............................................................... 9 ............................................................... 10 • Market Overview • Market Performance • Outlook • Table RETAIL MARKET • • • • HOTEL MARKET • • • • SERVICED APARTMENT • • • Page CONTACTS
  3. 3. HCMC CBD MARKET REPORT NOVEMBER 2013 Economic Overview FDI IN HCMC BY MONTH, NOVEMBER 2013 According to the report from Statistical Office, foreign direct investment (FDI) in Ho Chi Minh City (HCMC) in the first 10 months of this year increased by 24.8% compared to the same period last year. In the year to date, city authorities licensed 363 FDI projects with a combined capital of 847.4 million USD, a rise of 12.4% in the number of projects and 69.6% in capital. Furthermore, they also allowed 108 existing projects to increase their capital by 639.3 million USD. Source: Statistical Office in HCMC, Colliers International FDI IN HCMC BY SECTORS, NOVEMBER 2013 So far, FDI can be considered a bright spot in the economic picture of 2013. However, there is no room for complacency as Vietnam faces fierce competition from several neighboring countries; notably Myanmar, which is emerging as a new attractive destination for investors. Meanwhile, Vietnam’s competitive advantages, such as cheap labor and resources, are wearing thin. In this context, it is urgent for HCMC to develop new competitive advantages; specifically, high quality human resources, modern infrastructure and an effective legal system. These advantages cannot be gained overnight, but require an effort, money and a long-term process. Source: Statistical Office in HCMC, Colliers International FDI BY COUNTRY HCMC NOVEMBER 2013 But if HCMC hesitates and fails to improve its investment environment, it will miss opportunities to attract new FDI flows. Only when the investment climate becomes more competitive can HCMC shift from attracting as much FDI as possible to selecting high-tech, advanced and environmentally friendly projects. Source: Statistical Office in HCMC, Colliers International P.1 | Colliers International
  4. 4. HCMC CBD MARKET REPORT NOVEMBER 2013 | COMMERCIAL OFFICE MARKET Market Performance VIETCOMBANK TOWER The commercial office market in HCMC Central Business District (CBD) over the past few months has seen a slight increase in rental asking rates and occupancy in both Grade A and Grade B’s buildings. The average asking rent of Grade A properties increased 2% m-o-m to US$38.4/ sq m, while occupancy rates increased by 3.1% from 86.9% in previous month to 89.6% in October. Grade B’s average asking rents also increased slightly to US$22.1/ sq m and average occupancy rates seen in Grade B are around 93.9% Source: Public Domain Outlook VIETCOMBANK TOWER With limited commercial space available in the future and a slight increase in demand growing from tenants due to economic recovery and healthy FDI flows, it is expected that landlords in the CBD will start to push back on rental offerings and predict to increase rental prices offered and decrease incentives. New projects will enter the market in 2014 creating some downward pressure on Grade B asking rental prices but it is thought that premier Grade A developments will not be significantly influenced by this. Source: Public Domain MARKET PERFORMANCE BY GRADE GRADE A PERFORMANCE Source: Colliers International Source: Colliers International MAJOR TRANSACTIONS BUILDING SG Airport Plaza Times Square Building Empress Tower LEASE (L) / SALE (S) L L L TENANT / PURCHASER Pepsi Co Sumitomo Bank Corp Budweiser AREA (sq m) 1,400 1,800 600 P.2 | Colliers International
  5. 5. HCMC CBD MARKET REPORT NOVEMBER 2013 | COMMERCIAL OFFICE MARKET Office Market Overview No 1 2 3 4 5 6 7 8 9 10 Name Saigon Tower Diamond Plaza Kumho Asiana Plaza Saigon Centre Sunwah Tower The Metropolitan Bitexco Financial Tower President Place Times Square Lim Tower Address 29 Le Duan 34 Le Duan 39 Le Duan 65 Le Loi 115 Nguyen Hue 235 Dong Khoi 45 Ngo Duc Ke 93 Nguyen Du 22-36 Nguyen Hue 9-11 Ton Duc Thang Grade A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Petro Tower Central Plaza Opera View Bao Viet Tower Saigon Riverside Office The Landmark Green Power Tower Saigon Trade Center Gemadept Tower Vincom Center OSIC Bitexco Office Building Harbour View Tower MeLinh Point Tower Fideco Tower Havana Tower Somerset Chancellor Court Yoco Building Sailing Tower Saigon Royal TMS Indochina Park Tower City Light A&B Tower Zen Plaza Maritime Bank Tower Royal Center The Landcaster Empress Tower 1-5 Le Duan 17 Le Duan 161-167 Dong Khoi 233 Dong Khoi 2A-4A Ton Duc Thang 5B Ton Duc Thang 35 Ton Duc Thang 37 Ton Duc Thang 5 Le Thanh Ton 68-70-72 Le Thanh Ton 8 Nguyen Hue 19-25 Nguyen Hue 35 Nguyen Hue 02 Ngo Duc Ke 81-85 Ham Nghi 132 Ham Nghi 21-23 Nguyen Thi Minh Khai 41 Nguyen Thi Minh Khai 51 Nguyen Thi Minh Khai 91 Pasteur 172 Hai Ba Trung 4Bis Nguyen Dinh Chieu 45 Vo Thi Sau 76 Le Lai 54-56 Nguyen Trai 192 Nguyen Cong Tru 235 Nguyen Van Cu 22Bis Le Thanh Ton 138 Hai Ba Trung Grade B 13,950 15,936 26,000 11,650 20,800 15,200 37,710 8,330 9,000 29,265 Service Charges (*) 6.0 8.0 8.0 6.0 6.0 6.0 8.0 6.0 7.0 6.0 187,841 6.9 89% 38.4 13,304 6,094 3,100 10,650 10,000 8,000 15,600 31,416 14,000 56,600 6,500 6,000 8,000 17,600 15,000 7,326 3,200 5,000 16,910 5,340 4,000 2,145 10,000 17,120 11,037 19.596 14,320 7,000 19,538 5.0 5.0 7.0 6.0 5.0 6.0 6.0 6.0 6.5 5.0 6.0 5.5 6.0 6.5 6.0 6.0 5.0 5.0 5.0 4.0 4.0 4.0 5.0 6.0 6.0 5.0 5.0 5.0 5.0 97% 100% 87% 100% 98% 100% 97% 98% 98% 75% 96% 100% 100% 99% 100% 100% 97% 94% 99% 100% 97% 80% 96% 99% 97% 98% 100% 100% 85% 31.0 26.0 26.0 21.0 20.0 16.0 22.0 21.0 23.0 24.0 20.0 22.0 18.0 24.0 20.0 21.0 21.0 16.0 25.0 19.0 23.0 11.0 10.0 28.0 20.0 19.0 19.0 24.0 25.0 364,396 5.5 93% 22.1 NLA (sq m) Occupancy rate NFA asking rent (*) 99% 100% 98% 92% 98% 99% 85% 92% 60% 75% 37.0 40.0 51.3 40.0 42.5 41.3 32.0 33.0 50.0 28.0 * US$/ sq m/ month P.3 | Colliers International
  6. 6. HCMC CBD MARKET REPORT NOVEMBER 2013 | RETAIL MARKET Retail Market Overview CPI RETAIL & SERVICES REVENUE The socio-economic situation is considered to be fairly stable in the CBD with marginal growth month on month in the Consumer Price Index (CPI) and Retail Sales Revenue. While the Government continues to try to combat against inflation and stabilize the macro-economy, Ho Chi Minh City’s consumer price index (CPI) in October increased by 0.17% against the previous month and increased by 4.89% year on year. According to the municipal Statistic Office, this increase was attributable to a total office eleven to price increases in seven out of categories monitor public monitored spending by the such as Source: Statistical Office in HCMC, Colliers International statistical food and RETAIL SALES REVENUE BY SECTORS beverage; oil and gas; housing costs etc. over this period. Last month saw the highest price increase Month on Month of 0.41% in the food and beverage services category. This increase was attributable to a 0.85% increase in the cost of supply in meat and vegetables due to transportation difficulties due to adverse weather conditions. The prices of transportation, telecommunication, cultureentertainment and other commodities & services also declines. Ho Chi Minh City was estimated to have generated VND 52.26 trillion worth of retail sales and service revenues in October, up Source: Statistical Office in HCMC, Colliers International 12.5% from last year’s figure. This year’s total figure to date is VND 493.23 trillion, up 12.2% RETAIL SALE REVENUE GROWTH RATE y-o-y. Market Performance Lucky Plaza on Nguyen Hue street in District 1, re-opened in October after a re-fit and period of closure. Retailers are still suffering the pinch between high rentals from the landlords and limits in consumer spreading patterns. Source: Colliers International However, in some cases in the CBD, namely the bigger Retail centers, where tenants are not getting the footfall required and rental payments have been delayed, the landlord takes notice and offers reduction in rentals rather than declines in outlets. This can be seen in the rents of retail podiums and shopping centres generally in CBD which continue to decrease by –1.6% and -4.5% respectively. m-o-m. Occupancy rates are also in decline by –1.5% and 8% m-o-m, standing at 85% and 82% respectively. P.4 | Colliers International
  7. 7. HCMC CBD MARKET REPORT NOVEMBER 2013 | RETAIL MARKET RETAIL MARKET OCTOBER 2 DEPARTMENT STORE Source: Colliers International Source: Colliers International RETAIL PODIUM SHOPPING CENTRE Source: Colliers International Source: Colliers International Outlook Despite a slight decrease in rent in some of the CBD’s retail a movement that will see increases in the provision of podiums, the demand for prime retail space generally remains external shopping outlet locations where rentals will be more high due to a continued push from big name brands looking for reasonable to attract the business outside of the CBD .i.e. key central locations. Companies such as Givral; Starbucks; Cantavil; Celadon City; City Garden. Burger King and other international brands still look to increase market share over the next year. Consumer spending will increase over the next quarter with people preparing for the up coming festive season. Rents will continue to remain high in the CBD while companies compete for key locations but in the wider market there is P.5 | Colliers International
  8. 8. NOVEMBER 2013 RETAIL MARKET KUMHO MONTHLY |MARKET REPORT Name of Project / Building No 1 Caravelle Hotel HCMC CBD MARKET REPORT Address Location 19 Lam Son Square District 1 NLA (sq m) Average Rental (US$/sq m/month) Occupancy Rate 150 95 94% 2 New World Hotel 79 Le Lai District 1 1,000 50 95% 3 Opera View Lam Son Square District 1 1,260 85 100% 4 Rex Arcade 141 Nguyen Hue District 1 2,000 120 100% 5 Sheraton Saigon 88 Dong Khoi District 1 750 125 100% 6 Bitexco Financial Tower 45 Ngo Duc Ke District 1 8,000 42 95% 7 Hotel Continental Saigon 132-134 Dong Khoi District 1 200 90 100% 8 Times Square 22-36 Nguyen Hue District 1 9,000 90 70% 9 President Place 93 Nguyen Du District 1 1 Parkson Saigon Tourist 35 Le Thanh Ton District 1 800 30 100% 23,161 Retail Podium 73.1 86% 17,000 90 100% 2 Zen Plaza 54-56 Nguyen Trai District 1 6,817 52 100% 3 Diamond Plaza 34 Le Duan District 1 9,000 83 100% 4 Kumho Asiana Plaza 35 Le Duan District 1 6,830 35 100% 39,647 72.4 100% Department Store 1 Saigon Center 65 Le Loi District 1 3,500 75 100% 2 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 1,300 167 100% 3 Saigon Square 2 7-9 Ton Duc Thang District 1 1,400 75 75% 4 Vincom Center B 72 Le Thanh Ton District 1 45,000 55 90% 5 Vincom Center A Dong Khoi District 1 38,000 70 85% 6 City Plaza 230 Nguyen Trai District 1 5,250 25 100% 7 Nowzone Nguyen Van Cu District 1 9,000 48 88% 8 Tax Center 135 Nguyen Hue District 1 7,000 75 100% 9 Taka Plaza 102 Nam Ky Khoi Nghia 17,600 1,000 90 100% 111,450 61.9 90% Shopping Centre NOVEMBER 2013 | RETAIL MARKET No Name of Hotel HCMC CBD MARKET REPORT Address Location Total Room Occupancy ARR(*) 80% 333 1 Park Hyatt Saigon 02 Lam Son Square District 1 259 2 Sheraton 88 Dong Khoi District 1 480 81% 205 3 Caravelle 19 Lam Son Square District 1 335 75% 150 4 New World Saigon 76 Le Lai District 1 533 71% 148 5 Renaissance Riverside 8-15 Ton Duc Thang District 1 350 70% 140 6 Legend 2A-4A Ton Duc Thang District 1 283 68% 142 7 Sofitel Plaza Saigon 17 Le Duan District 1 290 75% 144 8 Majestic Saigon 1 Dong Khoi District 1 175 72% 148 9 Rex 141 Nguyen Hue District 1 289 80% 136 10 InterContinental Asiana 39 Le Duan District 1 305 79% 206 11 Nikko Saigon 235 Nguyen Van Cu District 1 334 64% 140 12 Pullman Hotel 146 Tran Hung Dao District 1 306 10% 128 3,633 5 Star 69% 167 103 1 Duxton 63 Nguyen Hue District 1 203 72% 2 Grand 08 Dong Khoi District 1 107 65% 89 3 Kim Do Royal City 133 Nguyen Hue District 1 135 70% 48 4 Continental Saigon 132-134 Dong Khoi District 1 86 74% 85 5 Palace Saigon 56-66 Nguyen Hue District 1 146 88% 54 6 Oscar 68A Nguyen Hue District 1 108 62% 41 7 Liberty Central 179 Le Thanh Ton District 1 140 72% 104 8 Golden Central Saigon 140 Ly Tu Trong District 1 132 70% 78 9 Norfolk Hotel 117-119 Le Thanh Ton District 1 104 71% 92 1,161 70% 84.6 4 Star P.6 | Colliers International
  9. 9. HCMC CBD MARKET REPORT NOVEMBER 2013 | HOTEL MARKET Hotel Market Overview INTERNATIONAL VISITORS TO HCMC The total existing supply of luxury hotels in Central Business District is 5,396 hotels rooms, among that, the total supply of 5-star hotels is 3,939 (increased by 8% y-o-y) and the total room of 4-star hotel is 1,457 rooms (increased by 25% y-o-y). Vietnam welcomed over 6.1 million overseas arrivals over the past 10 months of 2013, up 10.4% against the same period last year. According to the General Statistics Office, arrivals consisted 66.1% from Russia, followed by China 36.2%, Thailand 21%, and Malaysia 12.7%. However, a decline is Source: Statistical Office in HCMC, Colliers International observed in the number of international arrivals from the US, Taiwan, and France during the same period. In October alone, the country received around 630,000 foreign visitors, INTERNATIONAL ARRIVALS representing a yearly increase of 15.1%. Ho Chi Minh City itself welcomed over 419,650 international tourists in October, 9% more than in October 2012. The city’s total tourism revenue reached VND 6,651 billion (US$332 million) in October, up 20% from 2012 figures. Market Performance Source: Statistical Office in HCMC, Colliers International On October 26, a visa exemption agreement for ordinary passport holders signed between the Governments of Vietnam and Myanmar had taken effect. According to the document, the two countries’ FUTURE SUPPLY BY STATUS citizens who hold ordinary passports valid for at least six months will not require visas for stays of up to 14 days in each other’s territories. Vietnam’s ordinary passport holders can now enter the other nine ASEAN member countries without a visa. It is hoped that this policy will attract more foreign visitors to Vietnam. October is normally the beginning of the high tourist season. The performance of 4 and 5 star hotels in this month was better than previous months and both occupancy rates and average room rates increased as a result of the increase in arrivals. The occupancy rate of 4 and 5 star hotels increased in by 3% and 1.5% respectively. Both 4 and 5 star hotels’s average room rate went up slightly, remaining at 69% and 71% respectively. Source: Colliers International P.7 | Colliers International
  10. 10. HCMC CBD MARKET REPORT NOVEMBER 2013 | HOTEL MARKET Outlook PERFORMANCE OF 4 & 5 STARS HOTEL The fact that multiple small investors have been racing to build low-end hotels in recent years in spite of low demand has resulted in oversupply for budget accommodation which has increased competitive rates in this market. From now to April 2014, it will be a high season to travel for foreigners to HCMC, both HCMC authorities and the host of hotels need to prepare for this time to make the visitors have best memories and want to comeback again. It should be noted number of Asian visitors come to Vietnam increased month by month, so the staff who can speak Japanese, Korean, etc. should be hired and trained to have best services for the visitors. Source: Colliers International PERFORMANCE OF 5 STARS HOTEL PERFORMANCE OF 4 STARS HOTEL Source: Colliers International Source: Colliers International NOVEMBER 2013 | SERVICED APARTMENT MARKET Serviced Apartment Overview GRADE A SERVICED APARTMENTS GRADE B SERVICED APARTMENTS Source: Colliers International Source: Colliers International P.8 | Colliers International
  11. 11. HCMC CBD MARKET REPORT NOVEMBER 2013 | SERVICED APARTMENT MARKET Market Performance The average asking rent of Grade A and Grade B serviced apartments increased slightly by 1.3% and 0.5% respectively. During this time, the occupancy rate of Grade A dropped off PERFORMANCE OF GRADE A & B again, standing at 90%; and Grade B’s occupancy rate declined in 0.4%, remaining at 80%. Outlook The lack of supply of serviced apartment’s in the CBD keeps rental levels high. However limited customer’s budgets in recent months show that people move away from high end apartments and the costs associated with them. Landlords in CBD should Source: Colliers International prepare if they want to maintain high rental levels they will probably see a drop in occupancy. No 1 2 3 4 5 6 7 Address Location Total Room Average Occupancy ARR(*) 65 Le Loi 39 Le Duan 22 Bis Le Thanh Ton 111 Nguyen Du 21-23 Nguyen Thi Minh Khai 08 Phung Khac Khoan 5B Ton Duc Thang District 1 District 1 District 1 District 1 District 1 District 1 District 1 89 260 55 41 172 18 66 85% 96% 67% 95% 93% 50 88% 35 35 36 30 43 36 30 855 90% 36.0 30 54 60 154 76 165 14 18 17 42 126 77% 50% 60% 90% 76% 83% 85% 84% 94% 93% 91% 20 25 24 29 24 26 19 18 20 26 28 699 92% 28.9 Project Name Sedona Suites InterContinental Asiana Saigon The Landcaster Nguyen Du Park Villas Somerset Chancellor Court Lafayette De Saigon The Landmark Grade A 1 2 3 4 5 6 7 8 9 10 11 Ben Thanh Luxury Nikko Saigon Vincom Center Saigon Sky Garden Garden View Court Somerset HCM Spring Court Lafayette De Saigon Saigon City Residence Diamond Plaza Norfolk Mansion 172-174 Ky Con 235 Nguyen Van Cu 72 Le Thanh Ton 20 Le Thanh Ton 101 Nguyen Du 8A Nguyen Binh Khiem 1Bis Phung Khac Khoan 8 Phung Khac Khoan 8A/3D2 Thai Van Lung 34 Le Duan 17-21 Ly Tu Trong Grade B District 1 District 1 District 1 District 1 District 1 District 1 District 1 District 1 District 1 District 1 District 1 (*) US$/sq m/month (**) Not including VAT and service charge P.9 | Colliers International
  12. 12. HCMC CBD MARKET REPORT | NOVEMBER 2013 About Colliers International Colliers International is a leader in global real estate services, defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we integrate the resources of real estate specialists worldwide to accelerate the success of our partners. We connect through a shared set of values that shape a collaborative environment throughout our organization that is unsurpassed in the industry. With more than 100 professionals in 2 offices in Vietnam, the team is market driven and has proven and successful track record with both international and local experience. From Hanoi to Ho Chi Minh City, we provide a full range of real estate services • Research >>Market research across all sectors >>Market analysis, advisory, and strategy 482 offices in 62 countries on 6 continents United States Canada Latin America Asia Pacific EMEA : 140 : 42 : 20 : 195 : 85 $2 billion in annual revenue • Valuation & Advisory Services 13,500 professionals and staff 2.5 >>Valuation for land, existing property or development sites >>Feasibility studies to determine NPV, IRR and highest & best use billion square feet under management • Office Services >>Tenant Representation >>Landlord Representation COLLIERS INTERNATIONAL • Residential Sales & Leasing HO CHI MINH CITY Bitexco Office Building, 7th Floor 19-25 Nguyen Hue Street District 1, HCM City, Vietnam Tel: + 84 8 3827 5665 • Retail Services • Investment Services • Real Estate Management Services • Corporate Services • Industrial Leasing The foundation of our services is the strength and depth of our experience. HANOI Capital Tower, 10th Floor 109 Tran Hung Dao Street, Hoan Kiem District, Hanoi, Vietnam Tel: +84 4 3941 3277 Please contact, If you would like to recieve our other research reports Publication Coverage Frequency Content Availability DAVID JACKSON Deputy General Director david.jackson@colliers.com +84 1223 719 7184 Research & Forecast Report Vietnam Cities Quarterly All market sectors Publicly available CBD Report HCMC CBD Monthly Office, Retail, Hotel and Serviced Apartment Publicly available Asia Pacific Office Report Asia Pacific including Vietnam Quarterly Office market Publicly available Vietnam Property Market Report Vietnam cities Quarterly All market sectors On subscription Development Recommendation Vietnam cities At request All market sectors On subscription www.colliers.com/vietnam YEN NGUYEN Research Analyst yen.nguyen@colliers.com +84 915 478 778 This document/email has been prepared by Colliers International for advertising Accelerating success

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