Office rents in Ho Chi Minh City have plunged by up to 50 perent and the trend is tipped to continue as belt tightening and office construction ensure that supply far outstrips demand.

Foreign 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 USD per sq.m to 43 USD this year and could go as low as 30 USD.

Rents for second-class space had fallen from about 45 USD per sq.m to 28-40 USD and third-class office space from 39 USD to 14-25 USD.

Source: VNA