1. Understand your office location

Study the surrounding areas for potential clients and other opportunities. Office location can mean the difference between success and failure, so take time to find the most suitable space. Plan your next move early and plan it well; but if your office lease ends soon, it may be best to seek some professional guidance to bridge any knowledge gaps.

2. Rebuilding owner and landlord

A very important and often overlooked aspect is understanding who the landlord is and who owns the building: a key point as your landlord may not actually own it. Before entering a contract here, it is critical to know with whom, what their financial situation is; and if a tenant-landlord, whether they are making good on their own lease payments to the actual building owner.

What can happen if a tenant-landlord fails to make these payments to the owner on time, they stand a very high chance of being foreclosed and evicted. This often-cited example which I’ve third hand witnessed is usually by less scrupulous parties and easily avoided with some smart due diligence.

3. Urban Planning Development Strategy

Whatever use the landlord has designated your office space for, first make sure that designation aligns with local development controls. As they sometimes do not, a little preparatory research will help you side-step any subsequent legal problems and unnecessary distractions.

4. Nuisance Laws and Environment Laws

I know most tenants do not take this too seriously, but its highly advisable to know local area nuisance & environmental laws before you sign anything. Review the contract for clauses limiting noise and odors; and for any restrictions on equipment and operational approaches your business may need.

5. Commercial office lease terms

The most important aspect of any office lease, and maybe the most obvious, is rent structure. Analyzing business overheads and forecasts will clarify whether any new space and location is suitable for your business - which you well know. However, as always, the devil is in the detail and studying terms are essential when comparing short- and long-term leases. You should be aware of the following aspects:

• Office maintenance and repairs (both interior & exterior)

• Insurances & taxes

• Security & parking availability

• Utilities (water, gas, electric, etc.)

• Modifications (can you modify the interior or exterior of your unit?)

• Transfer structure

• Handover Conditions

• Non-disturbance agreement

6. Everything is negotiable

Commercial Office Leasing requires an understanding of Vietnam Real Estate law to ensure draft contracts remain legally appropriate for both sides. Hanoi has an extensive selection of lease options and to avoid trouble, misunderstandings and unnecessary time-wasting its really best to get experienced expertise on your side. Vietnam can often feel confusing, capricious and complex – even to those from overseas who have lived here for many years. Savills is still the leading international consultancy and real estate advisory in Vietnam after 25 years by staying constant to integrity, professionalism and innovation - and is why I continue to love working here. If you need any help navigating Hanoi real estate for office leasing or purchase, drop me a line below. I’ll be by your side throughout to make it simple, straightforward and a great deal for you.

Check out Savills key office buildings for lease here.

✔ For more information, please contact Savills Hanoi’ Commercial Leasing Team via:

Phone: +84 948 000 468

Email: Leasing.hanoi@savills.com.vn

Read more: Savills Commercial Leasing Office Wise Available Now