Office rents in Ho Chi Minh City have plunged by up to 50% and the trend is expected to continue as supply outstrips demand.
Belt tightening due to the global economic downturn is also having an effect, according to forecasts from various international analysts.
Global real estate companies Cushman & Wakefield, Savills and CB Richard Ellis said top quality office space rents have fallen from a peak at the beginning of last year of $70 per square metre to $43 this year and could go as low as $30.
Rents for second-class space have fallen from about $45 per square metre to $28 to $40 and third-class office space from $39 to $14 to $25.
