According to the reporter's records, at this time, on many streets in Vinh city, there are many signs for renting offices, shops, businesses... however, many places are still difficult to rent.
A typical example is the Nghe An Petroleum Building at 7 Quang Trung Street, located in a "golden" location, a bustling commercial area, but there are still many areas that have not been rented. The building's management representative said: The Nghe An Petroleum Building was invested on a large scale, with 25 floors for office rent, but currently only 50% of the area is rented. There are still 6 floors, each floor has a floor area of 770 m2, which has not been rented. After Tet, we implemented a price reduction policy, from 120,000 VND/m2, now reduced to 70,000 VND/m2, hoping to attract tenants in the near future.
Near the Nghe An Petroleum building on Quang Trung Street, Vinh City, is a 2-frontage, 4-storey townhouse with 200 m2 each, which has been rented since the Lunar New Year but has not been rented yet.
Near the intersection near Vinh market, T&T Vitoria building has a large sign for rent with a prime location with 2 fronts but it is difficult to attract customers.
Through research, it is known that from the end of 2023 until now, the office market in Vinh City has had many transactions of narrowing and returning premises; most of the customers "fleeing" due to business losses, not having money to pay for office rent. The not-so-optimistic forecasts about the market in the coming time have forced many building owners to launch incentive packages to attract customers such as paying 12 months rent and getting 1 month free, paying 24 months and getting 3 months free, or 30% discount on rent for fully furnished offices, 20-30% discount on rent for meeting and conference room services, etc.
In addition, the apartment rental market is equally difficult. Mr. Nguyen Van Vinh, the owner of an apartment in CT2A apartment building in Quang Trung ward, said: I have a 60 m2 apartment with all the basic amenities such as air conditioning, bed, refrigerator, gas stove, etc. Since after Tet, I have advertised it for rent at 3.5 million VND/month (1 million VND lower) compared to the average price in this apartment building, but so far no one has asked to rent it.
Through a survey of apartments in Vinh City, the landlords have listed the rental price for low-cost rooms with unfurnished interiors at 3-3.5 million VND/month, while fully furnished rooms are priced at 6-7 million VND/month.
In the current context, a number of apartment buildings in Vinh City have seen a situation where customers have abandoned their deposits and returned their rooms en masse. Many people choose to save money by leaving the central area - where service costs are expensive and rent is high - to move to the suburbs, or move to smaller apartments, or even rent a room to reduce costs.
Currently, many apartment owners are also ready to reduce rents, with a common reduction of 10-15%.
Mr. Nguyen The Phiet - Head of Housing and Real Estate Market Management Department, Nghe An Department of Construction said: Along with the tight budget of people and businesses during the economic recession, the office market in Nghe An has stagnated. Currently, many businesses choose to rent private houses as offices, or use their own houses as offices to reduce costs. Because renting an office in a high-rise building, in addition to paying high rent, they also have to pay other types of service fees which are also quite high.
Therefore, during this period, it is necessary to be cautious when investing in new projects to build offices for rent, because the current office supply in Nghe An, especially Vinh city, is quite abundant while customer demand is decreasing.
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