Savills Vietnam has been named the lead leasing and marketing agent for Capital Place – a property developed by CapitaLand and Mitsubishi Estate.
Capital Place, the first international Grade A modern office development located on 29 Lieu Giai, Ba Dinh district, Hanoi, will be open for lease in the third quarter of 2019. The structure is expected to set new standards for offices in the city, thanks to its high-standard development design, efficiency, scale, services and technologies in use.
“We are very pleased with the leasing progress. Capital Place has attracted strong interest from multinationals and large Vietnamese corporates with ongoing discussions on the leases. When the development is completed in the third quarter 2020, Capital Place will be home to Hanoi’s most prestigious tenants,” said Matthew Powell, director of Savills Hanoi.
Capital Place will provide approximately 121,000 square metres of gross floor areas across two 37-storey towers. Inspired by local legend, the likeness of a dragon was incorporated into its façade and lighting scheme, delivering a striking modern look both day and night in the aesthetics of the office development.
The development is in close proximity to the expressway, allowing convenient access to the Noi Bai International Airport. Capital Place’s prime location also lies in its connections to major roads and direct access to the upcoming Nhon-Hanoi rail station metro line.
In the first half of 2019, the local office sector has witnessed record occupancy levels with strong tenant demand, limited new supply and rapidly growing office rents. The Vietnamese market has the potential for the development of more sophisticated office projects, following current global mega trends.
After Grade A rental grew over 7 per cent in quarter one, the momentum has continued and is set to remain at record levels well into this year and beyond as new supply of quality office spaces is limited. It is crucial for office occupiers to carefully analyse their office needs, plan ahead and manage future occupancy costs effectively.