Cushman & Wakefield Vietnam Advises China Shipping to Secure Their New Office in HCMC

China Shipping, a world leading shipping company, will relocate their office from Saigon Trade Centre to Bitexco Financial Tower. The main drivers for the relocation are to improve the working environment and promote business synergies. Mr. Wu Zhiqiang, Managing Director of China Shipping (Vietnam) Ltd., commented: “We are delighted with our new office, the facilities are excellent and the address unrivalled with Bitexco Financial Tower being Ho Chi Minh City’s Landmark Building. The new premises will help promote our growth through a new phase of the business.”

Cushman & Wakefield Vietnam advised China Shipping on the transaction. Robert Johnston, National Head – Commercial Agency, commented: “this transaction is a key win for both China Shipping and Bitexco Financial Tower. China Shipping is upgrading their office space to better serve their clients and staff on competitive commercial terms, while Bitexco achieves another high quality tenant to add to their existing impressive tenant list’. 

According to Cushman & Wakefield, a tendency of migration back to CBD has been observed for HCM market in 2012. Existing total stock is recorded at 1,245,121 sqm. However there seems to be a limited supply of Grade A space with floor plates 1,000+ sqm. In 2012, total new supply stands at 220,000 sqm while in 2013, it is estimated to have 230,000 sqm new supply. 

Significant projects under construction (Grade A) include Times Square of 9,930 sq m, (estimated completion Q4 – 2012); Lim Tower of 34,400 sq m (estimated completion in Q1 – 2013); President Place of 9,125 sq m (estimated completion in Q4 – 2012).