"Vietnam is booming," said Toby Dodd, general manager of Cushman & Wakefield in Vietnam while commenting on the Office Space across the World 2008 report which reveals global parallels and insights into the Vietnamese real estate market.
Prime office rents in Vietnam are out of tandem with the rest of Asia as the country's economic progress accelerates after its entry to the World Trade Organization, he said.
The country's gross domestic product forecast for the current year is second only to the supercharged economies of China and India. With such strong economic fundamentals and rising foreign direct investment, the demand for office space is far outstripping supply, so HCMC's rents have grown by a significant 40% over the last year to a rate of over US$68 per square meter per month due to a lack of prime and Grade A office supply across the city, says the report.
