Despite prime locations and reduced rental prices, finding tenants for office space remains difficult.
In the days leading up to Tet (Lunar New Year), the market for renting commercial spaces and offices in many central and prime locations in Truong Vinh, Thanh Vinh, Vinh Loc, Vinh Hung, and Vinh Phu wards (Nghe An province) has experienced a prolonged slump. Despite landlords proactively lowering prices and offering various incentives, many properties are still struggling to find tenants.
According to observations, along many major roads and avenues in Truong Vinh, Thanh Vinh, Vinh Loc, Vinh Hung, and Vinh Phu wards, once considered "prime real estate" for business activities, numerous "for rent" and "for rent" signs have appeared. It's not difficult to find spacious premises in prime locations, even on main traffic arteries, that remain closed for months.
In Vinh Loc ward, a high-end complex located on a 72-meter-wide road boasts a prime location with two street frontages. However, it remains unrented. A similar situation exists at a large building on Quang Trung Street – the central street of Thanh Vinh ward. This 25-story building, primarily for office rentals, currently only utilizes about half of its space.
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Along Avenue 32 in Vinh Phu ward, a four-story house is being offered for rent at 20 million VND per month, but the owner says they are willing to negotiate and reduce the price if a long-term tenant is found. Similarly, a row of villas in Thai Hoa ward, despite their beautiful design suitable for offices or service businesses, have had "for rent" signs up for months without finding tenants.
Not only are high-end office buildings facing difficulties, but many traditional business streets are also experiencing a slump. Nguyen Van Cu Street (Truong Vinh Ward), one of the busiest streets, is home to many fashion and service shops with rental prices ranging from 20-50 million VND/month depending on the size. However, many shops now have "for rent" signs for extended periods.
Ms. Le Thi Huong, the owner of a clothing shop on Nguyen Van Cu Street, shared: "Land prices here are among the highest. Previously, business was very busy, with all kinds of services. But in the last year or so, the number of customers has dropped sharply, so I and many other shops around couldn't survive and had to close down and return the premises."
Mr. Le Van Tu, the owner of a two-story house for rent on a street in Vinh Phu ward, said: "Since last year, the house has been rented out for 14 million VND/month for shoe and fashion businesses. However, due to the general difficulties, my family has proactively adjusted the rent down to 12 million VND/month to share some of the cost burden with the tenant."
According to research, one of the major reasons why traditional businesses are struggling is the explosion of online shopping. E-commerce platforms and social networks offer a wide variety of goods at low prices, with frequent promotions, home delivery, and convenient return/exchange policies. Consumers have also become accustomed to shopping online.
Meanwhile, many kiosks and shops have to bear high rental costs, making their prices uncompetitive. In addition, inconveniences such as limited parking, unprofessional service, and travel time are also causing consumers to gradually change their shopping habits.
According to several real estate brokers, since the end of 2025, the return of leased premises by tenants has been quite common. The main reason is business losses, insufficient to cover rent, labor, and operating costs.
Faced with this reality, in order to retain existing tenants or attract new ones, many building owners are forced to offer incentives such as: renting for 12 months and getting 1 month free, a 20-30% discount on all-inclusive office rentals, flexible payment schedules, or assistance with basic interior finishing...
