Two new shopping malls to watch out for in Hanoi until 2026

One is a 50,000sqm project in the City Centre.

In 2025, the City Centre is expected to welcome Hanoi Centre, a 50,000 sqm shopping mall within the Tien Bo Plaza mixed-use project. Meanwhile, the City Fringe will witness the construction of Takashimaya in the West Lake area, contributing ~20,000 sqm by end-2026, according to data from JLL.

“Rents across submarkets are projected to continue an upward trend in the next 12 months, reflecting resilient demand. At the same time, the market is likely to see more attractive leasing and marketing strategies to attract tenants amid increasing supply.”

Here’s more from JLL:

City Centre prime malls recorded positive, yet modest net absorption of 50 sqm in Q4 and approximately 800 sqm in 2024. The area maintained its appeal for major brands; for instance, Gucci Beauty and Maxx Sport launched at Vincom Ba Trieu in Q3 and Q4, respectively.

City Fringe recorded 2,000 sqm net absorption in the quarter, led by lifestyle, entertainment and furniture tenants like Muji, Rocket Billards and Biz Furniture. The area’s annual net absorption reached 22,700 sqm, boosted by leasing activity at Lotte Mall West Lake.

No new prime mall completions in 2024

With no prime mall completions in 2024, City Centre and City Fringe supply stood at around 55,000 sqm and 616,300 sqm, respectively. Yet, non-prime retail space expanded by 40,000 sqm, with key projects like Taisei Square Hanoi and Diamond Plaza adding to the growth.

City Centre vacancy stayed low at 3.4% in Q4 2024, down 1.4 ppts y-o-y, thanks to steady demand and limited supply. Meanwhile, City Fringe experienced a more notable improvement, with the vacancy rate dropping 0.3 ppts q-o-q and 3.7 ppts y-o-y to 7.6%.

The market shows resilience with stable rent increases

Hanoi’s City Centre and City Fringe continued to record net effective rent upticks in Q4, reaching USD 67.0 per sqm, per month and USD 34.6 per sqm, per month, respectively. On a yearly basis, the average rents in both sub-markets increased at the same level of 2.6%.

City Fringe has benefitted from the decentralisation trend, yet competition from high-quality malls like Lotte Mall West Lake and upcoming projects in 2026-27, such as Takashimaya, Thiso Mall West Lake and CJ Shopping Centre, tempered rent hikes in this area.