Demand for ready-built factories to be sustained amid manufacturing FDI wave: Cushman & Wakefield
The future industrial park land supply in southern Vietnam is forecasted to reach about 6,100 ha in the 2024-2026 period, easing the limitation of readily-available land banks, as provincial master development plans for the period 2021-2030, with a vision until 2050 are approved, write Cushman & Wakefield analysts.

The future industrial park land supply in southern Vietnam is forecasted to reach about 6,100 ha in the 2024-2026. Photo courtesy of the government's news portal.
Land prices at industrial parks (IP) in southern Vietnam have increased amid strong demand and land bank limitations.
In Q4/2023, no new supply of IP land was recorded in the southern region. Besides that, the net absorption of IP land in the quarter was 84 ha, indicating the strong demand for IP land.
Ba Ria-Vung Tau province accounted for up to 54% of total net absorption in Q4/2023 thanks to two large investment projects in the electronics and chemicals sectors. Long An, Dong Nai and Binh Duong provinces contributed 17%, 16%, and 12%, respectively.
The primary asking price of IP land was recorded at $173/square meter/lease term, up 4.0% quarter-on-quarter and 7.8% year-on-year due to limited IP land supply amid high demand.
In term of ready-built factories (RBF), leasing RBF is an alternative option thanks to lower investment cost. The market welcomed one new RBF supply from the GT II Industrial Nhon Trach project in Dong Nai province.
Demand for RBF space in the quarter originated not only from small-and-medium enterprises (SMEs) but also from large manufacturers. Given the limited IP land bank situation, several enterprises consider RBF an alternative option thanks to lower investment costs.
Dong Nai and Binh Duong provinces, two main RBF hubs, accounted for up to 39% and 52% of total net absorption in the quarter, respectively. Rents of RBF remained stable quarter-on-quarter, at $4.7 per square meter per month, increasing 1.4% year-on-year. On the project level, most developers now still keep the rent stable.
The RBF market will welcome a future supply of about 2.2 million square meters in the period 2024-2026. Demand for RBF in the future will be sustained by both large manufacturers and SMEs, following the wave of manufacturing FDI into Vietnam.
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