The office market in Hanoi is experiencing many changes amid the COVID-19 pandemic in terms of rental prices, occupational profile and new demands for office spaces, according to Savills Vietnam.

Despite a new outbreak of COVID-19 in Vietnam, the industrial property segment saw positive signs with new industrial zones established and key industrial projects beginning operations, according to a report by Savills Vietnam.

The growth of Vietnam’s industrial real estate market benefits greatly from merger and acquisition (M&A) deals and new supplies, Savills Vietnam Industrial Services Manager John Campbell has said.

The shift toward e-commerce due to the COVID-19 pandemic has brought challenges to Vietnam’s retail property market, according to Savills Vietnam.

Vietnamese property technology (proptech) firms are attracting the attention of both foreign and domestic investors keen to grab a larger share of the country’s US$500-million market.

Surging demand, the resolution of legal hurdles and the gradual containment of the COVID-19 pandemic make the real estate industry sanguine about 2021.

The sudden increase in demand for land, factories, and warehouses in Vietnam has pushed up rental costs at industrial parks (IPs) near major cities, according to Savills Vietnam.

Vietnam has the potential to turn itself into an international resort destination that can compete with tourism powerhouses like Thailand and Indonesia, an expert from Savills has said.

January started on a positive note, with city hotels seeing increased MICE and event bookings, while in some resorts corporate bookings started to return, according to Savills Vietnam.

The COVID-19 pandemic caused retail revenue to drop sharply in 2020, impacting the domestic retail property market, according to Savills Vietnam.