The minimum rent in the downtown area in the second quarter was $45, according to a report by property consultancy Avison Young, unchanged from the previous quarter.
High-end shopping centers such as Saigon Centre and Vincom Center Dong Khoi commanded rentals of $200-$250, while at Times Square it was $300.
 |
|
HCMC shoppers seen in a mall. Photo by VnExpress/Nhat Thuc |
But in non-central areas, they were $20-117.
Despite the high rents, however, occupancy is nearly full in the downtown area.
Avison Young reported a 96% rate in the city center and 86% elsewhere.
Another property services firm, CBRE, confirmed the low vacancy rates, saying only 5% of retail space was unfilled in central areas and 8% in non-central zones.
David Jackson, CEO of Avison Young Vietnam, said the rise in rents was due to the expansion by global brands in the city.
American coffee chain Starbucks recently opened a store at Bitexco and quickly secured additional space at Diamond Plaza, while Japanese fashion brand Uniqlo has also expanded eastward with a new store at Vincom Le Van Kiet.
Major malls like Saigon Centre and Vincom Dong Khoi maintained occupancy rates of 98-100%.
Jackson said that with new supply scarce, existing malls capitalize on their prime locations to sustain high occupancy.
Fashion and food-and-beverage brands dominate leasing, especially in high-traffic areas, he said.
The consumer experience is increasingly critical, with space design, integrated amenities and after-sales services becoming key determinants of rentals, he added.
Mai Vo, director of retail services at CBRE HCMC, said there has been an influx of Chinese brands such as Oh!Some, Polarpopo, KKV, BanTianYao, and Wayjie in HCMC.
Meanwhile, mall developers are adapting by restructuring tenant layouts, combining smaller units into larger spaces to accommodate lifestyle brands, she said.
The aim is to elevate customer experiences, transforming malls into “one-stop shops” that integrate diverse services and amenities, she added.
Looking to the second half of 2025, she expected HCMC to add around 25,000 square meters of new retail space at the podiums of two central projects.
Increasingly savvy consumers are researching, comparing prices and leveraging promotions, pushing retailers to adopt omnichannel strategies, she added.
