Prime Location, Discounted VIP Offices Still Struggling to Find Tenants

Despite being situated in prime locations, VIP offices with reduced rental prices are still struggling to attract tenants.

It’s not uncommon to come across signs advertising “houses for rent” along Quang Trung Street in Vinh city.

A building located in a prime location on Quang Trung Street still has many unoccupied areas. The 25-story building has only rented out half of its space. Six floors, each covering 770 square meters, remain unoccupied despite a price reduction from 120,000 VND/m2 to 70,000 VND/m2.

From late 2023 until now, many tenants have been forced to vacate their rented premises due to business losses. To attract tenants, building owners are offering deals such as one month’s free rent for a twelve-month lease or a 30% discount for fully furnished offices.

On bustling streets in Vinh city like Nguyen Van Cu, Cao Thang, and Le Hong Phong, shops and kiosks are hanging “for rent” signs due to poor business and lack of customers.

According to shop owner Nguyen Nhung, “Nguyen Van Cu Street has the highest land prices in Vinh city. In the past, it was a bustling area with a variety of goods and services that attracted many customers. However, in the past two years, most businesses have been facing a lack of customers.”

Due to the COVID-19 pandemic, the economic situation has become stagnant, and the market has slowed down. People’s shopping habits have changed, with customers preferring to shop online and have goods delivered to their homes for convenience, speed, and health safety.

The struggle to fill rental spaces continues for many businesses, even with discounted rates and prime locations. The changing market demands new strategies to attract tenants in this evolving business landscape. To stay up-to-date with the latest finance and economic news, visit Business Today.