HCMC CBD Market Report | Sep 2015 (EN)

Accelerating success
www.colliers.com/vietnam
SEPTEMBER 2015
HCMC CENTRAL BUSINESS DISTRICT
CBD MONTHLY MARKET REPORT
Vietcombank TowerAccelerating success
www.colliers.com/vietnam

Table of Contents
HCMC MARKET OVERVIEW
Office
Retail
Hotel
Serviced Apartment

LIST OF FIGURES
Figure 1
Figure 2
Figure 3
Figure 4
Figure 5
Figure 6
Figure 7
Figure 8
Figure 9

LIST OF TABLES
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Page
3-4
5-6
7-8
9-10
3
3
5
5
7
7
7
9
9
3
4
5
6
8
9
10
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
..............................................................................................................
Office, Market performance by grade......................................................................
Office, Supply by District....................................................................................
Retail, Market performance of all grades..........................................................
HCMC Total retail sales goods and services.....................................................
Hotel, Average room rate..................................................................................
Hotel, Current Supply of all grades by District.................................................
Number of international visitors to Vietnam......................................................
Serviced apartment, Market performance............................................................
Serviced apartment, Supply by type...................................................................
Office, Market summary.....................................................................................
Significant office projects..................................................................................
Retail, Market summary.....................................................................................
Significant retail projects...................................................................................
Significant hotel projects...................................................................................
Serviced apartment market summary...............................................................
Significant serviced apartment projects ..........................................................

Figure 2: Office, Supply by District
PERFORMANCE
The average net asking rent for grade A and B offices continued
the upward movement in Q3 2015, increasing 3% q-o-q to US$31/
sqm/mth, due to the limited supply pipeline and increase in
demand.
Grade A and Grade B office buildings increased their net asking
rent to US$38/sqm/mth and US$24/sqm/mth respectively.
Improvement has been shown in the average occupancy rate, up
1ppt q-o-q and 3ppt y-o-y thanks to pre-commitment activities in
newly built office buildings. Grade A improved its occupancy rates
at 95% and Grade B in the CBD increased to 96%.
SUPPLY
The CBD holds more than half of the city’s office supply, including
all Grade A buildings and the majority of Grade B buildings.
As of September 2015, total CBD office stock was 618,506 sqm
NLA from 11 Grade A buildings and 31 Grade B buildings.
In the next 10 years, the area remains the prime location for
top-graded commercial office space such as Saigon Centre Phase
2 & 3 by Keppeland and The One development by Bitexco group.
No new significant office buildings were added in Q3 2015, which
is a good time to absorb remaining office space in the market.
DEMAND
Demand for office space is expected to grow stronger on the
back of positive economic growth, changes in investment law and
socio-economic reforms.
The newly revised real estate business law, which allows foreign
companies to sub-lease the space they are renting will stimulate
higher demand.
Due to limited space availability and construction lease spans, the
CBD has difficulty meeting the growing demand for large floor
plates of more than 700sqm for both Grade A and Grade B.
OUTLOOK
In the next three years, there will be approximately 340,000sqm
GFA of future supply, with main focus on Grade A office space in
the CBD area.
Since there will be limited office developments scheduled for
completion over the next 24 months, landlords of many office
buildings tend to offer higher rents on renewals for existing
tenants.
Rent growth is expected to be higher as landlords are optimistic
on increasing leasing activity in the following quarters.
SEPTEMBER 2015 | OFFICE
©2015 Colliers International Research
Page 3
Figure 1: Office, Market performance by grade
Source: Colliers International Research
Table 1: Office, Market summary
Grade A Grade B Total
Total Supply (Project) 11 31 44
Total Supply ( NLA) 212,655 405,851 618,506
Average Rent Rate
(US$/sqm/month)
37.8 24 31
Q-o-q Change (ppts) 3.2 1 2
Occupancy (%) 95 96 95
Q-o-q Change (ppts) 2.8 1.4 2.1
20
25
30
35
40
45
20
30
40
50
60
70
80
90
100
Grade A Grade B
US$/sqm/month
%
Occupancy rate Average asking rent
District 1
District 3
District 7
Tan Binh District
Phu Nhuan District
Other
51%
14%
6%
10%
7%
12%
Dist. 1
Dist. 3
Dist. 7
Tan Binh
Dist.
Phu Nhuan
Dist.
Other

(*) US$/sqm/month (NLA)
Table 2: Significant Office Projects
No Name Address
Completion
Year
NLA
(sqm)
Service
Charges (*)
Occupancy
rate
Average
asking rent
(**)
1 Saigon Centre 65 Le Loi 1996 11,650 6.0 99% 40.0
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 97% 40.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 8.0 98% 38.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 97% 43.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 99% 37.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 7.5 91% 44.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 94% 37.0
8 President Place 93 Nguyen Du 2012 8,330 6.0 97% 33.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 85% 40.0
10 Le Meridien 3C Ton Duc Thang 2013 9,125 4.8 100% 35.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 96% 33.0
Grade A 212,655 6.8 95% 37.8
1 OSIC 8 Nguyen Hue 1993 6,500 6.0 90% 26.0
2 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 99% 23.0
3 Somerset Chancellor Court 21-23 NguyenThi Minh Khai 1996 3,200 5.0 95% 24.0
4 Central Plaza 17 Le Duan 1997 6,094 5.0 100% 26.0
5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 90% 20.0
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 99% 21.0
7 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 92% 21.0
8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 100% 24.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 95% 21.0
10 Bitexco Building 19-25 Nguyen Hue 2003 6,000 5.0 98% 24.0
11 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 99% 22.0
12 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.0
13 City Light 45 Vo Thi Sau 2007 10,000 5.0 95% 18.0
14 Petro Tower 1-5 Le Duan 2007 13,304 6.5 99% 27.0
15 The Lancaster 22 – 22 Bis Le Thanh Ton 2007 7,000 5.0 88% 25.0
16 CJ Building 5 Le Thanh Ton 2008 14,000 5.0 100% 23.0
17 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 100% 24.0
18 Havana Tower 132 Ham Nghi 2008 7,326 6.0 97% 28.0
19 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 25.0
20 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100% 26.0
21 TMS 172 Hai Ba Trung 2009 4,000 3.5 100% 25.0
22 A&B Tower 76 Le Lai 2010 17,120 6.0 97% 27.0
23 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.5 98% 21.0
24 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 100% 24.0
25 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 92% 21.5
26 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 27.0
27 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 92% 24.0
28 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 98% 25.0
29 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 98% 28.0
30 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.5 92% 25.0
31 Lim Tower 2 Vo Van Tan 2015 8,400 5.0 93% 23.0
Grade B 405,851 5.4 96% 24.0
SEPTEMBER 2015 | OFFICE
Page 4

SEPTEMBER 2015 | RETAIL
PERFORMANCE
The average net asking rents recorded an increase of 3% q-o-q
and 7% y-o-y at US$79/sqm/mth.
Amongst the three retail format, department stores have the
highest average net asking rents of US$100/sqm/mth, followed
by shopping centers of US$70/sqm/mth and retail podiums of
US$67/sqm/mth.
Occupancy has improved with an average growth rate of 95%.
Department stores remained the stable occupancy rate whilst
shopping centres and retail podiums increased 1 ppt and 2.6 ppt
q-o-q respectively .
SUPPLY
In terms of supply by format, shopping centers account for the
majority of retail space, occupying 70% of the total area. They are
followed by retail podiums at 23% and department stores at 8%.
In Q3 2015, the CBD retail stock decreased 2% q-o-q as 3,500sqm
NLA of Saigon Center was officially closed for upgrading.
When Phase 2 is completed in late 2016, the complex will have
seven levels of retail and dining spaces spread across 50,000sqm,
including a department store spanning 15,000sqm across five
floors.
DEMAND
With a population of approximately 8 million people, an urbanisation
rate of 82.5% and a GDP per capita of over US$4,000,
Ho Chi Minh City has witnessed a healthy increase in retail sales.
The local retail sales of goods and services gained an impressive
year-on-year growth of 11% in the first nine months of 2015 and
expected commodities and services sales would keep growing 20%
per annum on average in the next five years.
As the city is witnessing a marked shift from traditional trade
formats to modern trade formats, demand for retail space will gain
momentum in the long term.
OUTLOOK
The last quarter of 2015 will welcome approximately 107,000 GFA
retail space, creating changes on occupancy and rental rates.
As the Trans-Pacific Partnership has been recently agreed,
Vietnam is expected to experience an influx of international
retailers gaining access to the local retail sales.
Large developers have expressed great interest, gradually
expanding their presence and announcing long-term plans for
the market. Hence, demand for retail space is projected to rise
significantly in the future.
Page 5
Source: General Statistics Office, Colliers International Research
Figure 3: Retail, Market performance of all grades
Table 3: Retail, Market summary
Shopping
Centre
Retail
Podium
Department
Store
Total
Total Supply (Project) 5 12 4 21
Total Supply (sqm NLA) 114,250 34,040 12,300 160,590
Average Rent Rate
(US$/sqm/month)
69.9 67.6 100.6
Q-o-q change (ppts) 4 3 -2.15 1.6
Occupancy (%) 88 98.2 100
Q-o-q change (ppts) 1 2.6 1.8
Figure 4: Total retail sales of goods and services - HCMC
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
Q3 Q4 Q1 Q2 Q3
2014 2015
billionVND
HCMC Vietnam
77.8
78.0
78.2
78.4
78.6
78.8
79.0
79.2
79.4
79.6
79.8
82
84
86
88
90
92
94
96
98
Jan Feb Mar Apr May Jun Jul Aug Sep Oct. F Nov. F Dec. F
2015
US$/sqm/month
%
Avarage rental rate Occupancy

Table 4: Significant Retail Projects
No
Name of Project /
Building
Address Location
Completion
Year
NLA
(sq m)
ARR (*) Occupancy Rate
1 Saigon Center Le Loi District 1 1996 Renovation Renovation Renovation
2 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 98.0%
3 Caravelle Hotel 19 Lam Son Square District 1 2000 Renovation Renovation Renovation
4 Continential Saigon 132-134 Dong Khoi District 1 2000 200 90 100.0%
5 New World Hotel 76 Le Lai Street District 1 2000 1,000 60 100.0%
6 Zen Plaza 54-56 Nguyen Trai District 1 2001 6,817 50 100.0%
7 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 69.0%
8 Opera View Lam Son Square District 1 2006 1,260 85 100.0%
9 Kumho Asiana 35 Le Duan District 1 2009 6,830 45 98.0%
10 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 100.0%
11 ICON 68 45 Ngo Duc Ke District 1 2011 8,000 50 99.0%
12 President Place 93 Nguyen Du District 1 2012 800 70 100.0%
Retail Podium 36,657 66.4 98.3%
1 City Plaza 230 Nguyen Trai District 1 2000 5,250 25 100.0%
2 Parkson Saigontourist 35 Le Thanh Ton Street District 1 2002 17,000 90 100.0%
3 Nowzone Nguyen Van Cu Street District 1 2008 9,000 55 100.0%
4 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 68 99.0%
5 Union Square 171 Dong Khoi District 1 2012 38,000 73 65.0%
Shopping Centre 114,250 69.9 88%
1 Saigon Square 1 77 - 89 Nam Ky Khoi Nghia District 1 2006 1,300 77 100.0%
2 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 167 100.00%
3 Lucky Plaza 38 Nguyen Hue District 1 2013 1,000 160 98.0%
4 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 100.0%
Department Store 12,300 100 99.8%
SEPTEMBER 2015 | RETAIL
Page 6
(*) ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT

SEPTEMBER 2015 | HOTEL
PERFORMANCE
During the low tourist season, the average room rate of high class
hotels in the CBD saw a moderate decline as a consequence of
discount programs offered by the hotel owners and operators.
The average room rate across all grades decreased 4% q-o-q
to US$155/room/night. The 4-star segment saw a slight decline
of 1.3% on a q-o-q comparison, with the average room rate of
US$123/room/night. Mean whilst the 5 star hotels remain its high
rate at US$187/room/night on average.
Compared to this time last year when the hospitality was suffering
from tension with China, occupancies of all two grades rose up to
7ppts on yearly basis. The occupancy rate of 5-star hotels dropped
2ppt q-o-q but up 5ppt y-o-y, staying at 62%.
SUPPLY
Accounting for nearly 70% of the city’s high classy hotels, the
CBD area is home of 14 five star-hotels and 13 four-star hotels,
providing a total of approximately 6,300 rooms.
In Q3 2015, the 168-key Des Arts Saigon Hotel was added to the
CBD supply pipeline. Formerly known as MGallery Boutique Hotel,
this 5-star hotel offers luxurious experience for both business and
leisure guests amidst the finest interior and design.
DEMAND
In the first nine months of 2015, international visitors to Viet Nam
reached approximately 5.6 million arrivals, decreasing 5.9% over
the same period last year.
However, the international arrivals to Ho Chi Minh City maintained
a growth rate of 5% y-o-q with 3.2 million visitors. Revenue from
the local tourism industry estimated more than VND 14,000 billion,
up 8.3% on the yearly basis.
The growing number of tourists to HCMC has positive impacts on
demand for hotels.
OUTLOOK
Positive correction in average room rates and occupancy are
expected in the last quarter of the year due to the high season for
international visitors.
The CBD supply will see additional increases in a short to medium
term.
Union Square Hotel, formerly known as Vincom A is set for
opening next year before The One, The Landmark 81, Ritz-Carlton
Saigon and Lavenue Crown projects join the market in 2017 and
2018. Moreover, the expansion of the Majestic hotel and the
redevelopment of Satra Tax Center are also expected to complete
in the next four years.
Page 7
Figure 5: Hotel, Average room rate
Figure 6: Hotel, Current Supply of all grades by District
Figure 7: Number of international visitors to Vietnam
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2014 2015
No. of International visitors to Vietnam
0
20
40
60
80
100
120
140
160
180
200
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct. FNov. FDec. F
2014 2015
US$
5 star 4 star
71%
9%
8%
5%
5% 2%
District 1
District 5
Phu Nhuan District
District 3
Tan Binh District
District 7
Dist. 1
Dist. 5
Phu Nhuan
Dist.
Dist. 3
Tan
Binh
Dist.
Di
st.
7

Table 5: Significant Hotel Projects
No Name of Project Address Location
Launched
Year
Room Occupancy Rate ARR (*)
1 Caravelle 19 Lam Son Square District 1 2000 335 88% 205
2 New World Saigon 76 Le Lai District 1 2000 533 95% 138
3 Rex 141 Nguyen Hue District 1 2000 286 95% 192
4 Sofitel Plaza Saigon 17 Le Duan District 1 2000 286 86% 221
5 Lotte Legend Hotel Saigon 2A - 4A Ton Duc Thang District 1 2001 283 100% 152
6 Renaissance Riverside 8 - 15 Ton Duc Thang District 1 2001 350 85% 234
7 Sheraton 88 Dong Khoi District 1 2002 485 94% 240
8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 96% 339
9 Majestic Saigon 1 Dong Khoi District 1 2007 175 70% 140
10 InterContinental Asiana 39 Le Duan District 1 2009 305 98% 232
11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 100% 192
12 Le Meridien 3C Ton Duc Thang District 1 2013 345 96% 323
13 Pullman Saigon Centre 146 Tran Hung Dao District 1 2013 306 84% 155
14 The Reverie Times Square 22 - 36 Nguyen Hue District 1 2015 286 95% 430
5-star Hotels 4,568 92% 226
1 Continental 132-134 Dong Khoi District 1 1990 83 64% 114
2 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 74% 110
3 Duxton 63 Nguyen Hue District 1 1996 191 84% 120
4 Oscar 68A Nguyen Hue District 1 2000 108 92% 45
5 Palace Saigon 56-66 Nguyen Hue District 1 2000 144 94% 102
6 Royal City 133 Nguyen Hue District 1 2000 135 75% 90
7 Paragon Saigon Hotel 22-24 Thi Sach District 1 2009 173 93% 103
8 Liberty Central 179 Le Thanh Ton District 1 2010 140 88% 114
9 Golden Central Saigon 140 Ly Tu Trong District 1 2011 120 80% 88
10 Grand Silverland Hotel & Spa 125-133 Ly Tu Trong District 1 2011 89 87% 95
11 Liberty Central Saigon Riverside 17 Ton Duc Thang District 1 2013 170 81% 197
12 Liberty Saigon City Point Hotel 59-61 Pasteur District 1 2014 171 78% 187
13 Eden Saigon Hotel 38 Bui Thi Xuan District 1 2013 123 85% 86
4-star Hotels 1,751 83% 117
* US$/ sq. m
SEPTEMBER 2015 | HOTEL
Page 8
*Price excludes VAT

SEPTEMBER 2015 | SERVICED APARTMENT
PERFORMANCE
Serviced apartments in the CBD have traditionally performed
better than those in non CBD areas. The average rent in the CBD
is 37% higher than in the non-CBD area whilst the CBD occupancy
was 4 ppts higher than that of the non-CBD and 5 ppts than that
of the new urban areas.
During Q3 2015, landlords softened rents to improve occupancy
rate. The average gross asking rent recorded a nominal drop of
0.2ppt on quarterly basis, sitting at US$30.1/sqm/mth. Although
Grade A was down to US$31.5/sqm/mth, Grade B experienced a
rental growth of 1.8ppt at US$28.6/sqm/mth.
The overall average occupancy rate increased 2.1 ppts q-o-q to
89%. Grade A and Grade B occupancy rate reached 92% and 87%
respectively.
SUPPLY
It is noticed that all current top-tier serviced residences are located
within CBD area, consisting of nearly 1,500 serviced apartments
from 6 Grade A and 11 Grade B projects.
Geographically, District 1 made up 43% of total supply, followed by
District 3, District 7 and District 2.
In the next three years, the supply pipeline will be substantial by
more than 2,000 units entering the market. Nearly half of the
future supply will be located in the CBD.
DEMAND
Ho Chi Minh City is the economic hub of the southern key economic
zone in Vietnam, which receives the largest number of FDI
projects. In the first nine months of the year, the city has licensed
397 foreign-invested projects, with a total investment capital of
2,362.8 million USD, 115.3% increasing in the level registered in
the same period last year.
Of overall newly-registered investment, the real estate industry
accounts for 60.5% with 6 projects. Demand for serviced
apartments in the city will be strengthened on the back of rising
number of foreign investment.
OUTLOOK
It is forecasted that limited supply entering the market over the next
12 months will create changes in rents and occupancy rates in the
existing projects.
The newly-signed Trans-Pacific Partnership and upcoming free-trade
agreements are expected to make Ho Chi Minh City an even more
attractive business environment for multi-national corporations.
Demand for serviced apartments will be higher due to the growing
number of foreign workers in the future.
©2015 Colliers International Research Page 9
Grade A Grade B Total
Total Supply (Project) 6 11 44
Total room 683 814 1,497
Average Rent Rate
(US$/sqm/month)
31.5 28.6 30.1
Occupancy (%) 91.5 87.3 89.4
Table 6: Serviced apartment, Market summary
Figure 8: Serviced apartment, Market performance
Figure 9: Serviced apartment, Supply by type
81
82
83
84
85
86
87
88
89
90
29.9
30.0
30.1
30.2
30.3
30.4
30.5
30.6
Jan Feb Mar Apr May Jun Jul Aug Sep Oct. F Nov. F Dec. F
2015
%
US$/sqm/month
Occupancy Average rental rate
15%
22%
63%
Grade A
Grade B
Grade C
Grade C
Grade A
Grade B

Table 7: Significant Serviced Apartment Projects
No. Project Name Address Location
Completion
Year
Total
Room
Average
Occupancy
ARR(*)
(**)
1 The Landmark 5B Ton Duc Thang District 1 1995 66 84.0% 26
2 Sedona Suites 65 Le Loi District 1 1996 89 89.0% 30
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 94.0% 26
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 98.0% 30
5 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 75.0% 37
6 Intercontinental Asian Saigon 39 Le Duan District 1 2009 260 95.0% 36
Grade A 683 91.5% 31.5
1 Norfork Mansion 17-21 Ly Tu Trong District 1 1998 126 96.0% 33
2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 86.0% 26
3 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 95.0% 34
4 Diamond Plaza 34 Le Duan District 1 1999 42 95.0% 29
5 Garden View Court 101 Nguyen Du District 1 2000 76 82.0% 31
6 Ben Thanh Luxury 172-174 Ky Con District 1 2010 88 91.0% 18
7 Lafayette De SaiGon 8 Phung Khac Khoan District 1 2010 18 89.0% 28
8 Vincom Center 45A Ly Tu Trong District 1 2010 60 34.0% 26
9 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 100.0% 27
10 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 93.0% 34
11 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 87.0% 19
Grade B 814 87.3% 28.6
SEPTEMBER 2015 | SERVICED APARTMENT
Page 10
(*) US/sqm/month
(**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

COLLIERS INTERNATIONAL | VIETNAM
HO CHI MINH CITY
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District 1, HCM City, Vietnam
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67 countries on
6 continents
Accelerating success
DAVID JACKSON
General Director
david.jackson@colliers.com
+84 8 3827 5665
About Colliers International
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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.
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has proven and successful track record with both international and local experience.
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The foundation of our services is the strength and depth of our experience.
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CBD Report HCMC CBD Monthly Office, Retail, Hotel and
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Publicly available
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Report
Asia Pacific in-
cluding Vietnam
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Market Report
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HCMC CBD Market Report | Sep 2015 (EN)

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