Hanoi to add 278,000sqm of new retail space over the next three years

The new spaces will come from 17 new retail projects.

In Q4 2024, Hanoi's retail market saw no new supply according to Cushman and Wakefield, maintaining the total retail area at nearly 1.4 million sqm. Throughout 2024, the market welcomed an additional 14,734 sqm of retail space. This new supply came from three notable projects: The Linc, Diamond Park Plaza, and Diamond Plaza, all located in non-central areas. 

“The overall occupancy rate in Q4 2024 reached 85.7%, up slightly by 0.1 ppts quarter-on-quarter but down 0.6 percentage points year-on-year. This quarter saw the expansion of sectors such as Cosmetics, F&B, and Supermarkets, with brands including SK-II, Don Chicken, and Dong Gogi,” the report said.

Here’s more from Cushman and Wakefield:

The average gross rent for ground floor space reached USD 44.6/sqm/month, up 1.6% quarter-on-quarter and 3.7% year-on-year. Rent adjustments were recorded in properties with stable occupancy rates.

Over the next three years (2025 – 2027), about 17 retail projects will add 278,000 sqm of retail space to the market, with the western area accounting for 46% of future supply. Major retail developers are also expanding into neighboring provinces, with projects such as Vincom Megamall Ocean Park 2 in Hung Yen and Aeon Mall Ha Long in Quang Ninh, highlighting the development potential of the retail sector.