My Dinh has proved to be an ideal relocation opportunity for many companies in Hanoi.
Ongoing high-grade office projects in My Dinh, Tu Liem District illustrate the trend of moving offices of companies to the west of the city.
Local and foreign developers have pursued this trend and are pushing the construction progress of projects. For example, CMC Tower – opening in Dec 2009, Grand Plaza Hanoi – opening in January 2010, Indochina Plaza Hanoi and APEX Tower – opening in 2011.
“The era of occupiers only selecting office space in traditional CBD areas such as Hoan Kiem or Hai Ba Trung District has now passed. Currently, the trend is moving to the western areas of the city, such as Cau Giay, Nguyen Phong Sac, Tu Liem, etc. The full occupancy of CEO Tower within 3 months of opening demonstrates the sound business strategy of the project developer,” said Richard Leech, executive director of CB Richard Ellis.
CEO Tower.
According to an analysis conducted by Savills Vietnam, a subsidiary of Savills plc, a leading global real estate service provider, hired by Cavico Tower, the lease rates for office space in the Tu Liem district should range from $25 to $35 per square meter. The analysis also shows that, in this district, the lease rates for commercial or retail businesses is approximately $25 and $35 per square meter for office space.
Leech added: “We are excited by the large supply and quality of office space that will hit the market in the next 24 months, rental rates will be lower than those in the traditional CBD and we expect facilities such as parking to be better.”
Cavico Corp. announced on Wednesday that the construction of Apex Tower is on track and its subsidiary, Cavico Tower, has completed the concrete work for the first floor of the building.
"We are on schedule with our progress and expect to fully complete the overall construction of the tower in 2011. In addition to providing Cavico with its own office space needs, we believe the tower will meet the growing demand for office space in Hanoi." said Hai Thanh Tran, Vice President of Cavico.
The APEX Tower of Cavico, upon completion, will be 27-stories high and cover 14,960 square feet of land.
