For owners of shopping centres, retail podiums and shophouses, attracting and retaining suitable tenants is essential to long-term asset performance. Achieving this requires more than securing a desirable location. Leasing success is influenced by pricing, tenant mix, positioning, lease structure and ongoing occupancy management. Landlord Representation services provide market expertise and leasing support to help owners strengthen asset performance and respond to changing market conditions. This article explains the role of Landlord Representation services, outlines their key functions and examines how they can support occupancy, leasing outcomes and long-term asset value.

TABLE OF CONTENTS Retail Landlord Representation Services: Strategies to Maximise Occupancy and Asset Performance 1. Risks and Challenges in Retail Leasing 1.1 Prolonged Vacancy and Disrupted Cash Flow 1.2 Selecting the Right Tenants 1.3 Imbalanced Tenant Mix 1.4 Leasing Negotiation and Legal Risks 2. Landlord Representation in Real Estate Asset Management 2.1 What Is Landlord Representation? 2.2 How Is Landlord Representation Different from a Single Transaction Brokerage Service? 2.3 When Should Property Owners Consider Landlord Representation? 3. The Role of Retail Leasing Management Services 3.1 Developing and Optimising the Tenant Mix 3.2 Access to Major Brand Networks 3.3 Developing a Rental Strategy 3.4 Lease Negotiation and Transaction Management 3.5 Keeping Up with Retail Market Trends 4. Savills Landlord Representation Process What Should Owners Prepare Before Starting the Process? 5. Case Study: Thiso Mall Sala, From Leasing Challenge to Stable Operations The Initial Challenge: Completed Development with No Leasing Transactions Savills Solution: Advisory and Exclusive Leasing Services Common Challenges Result: Project Occupancy and Stable Operations 6. Criteria for Selecting a Landlord Representation Partner 6.1 Market Experience and Tenant Relationships 6.2 Commercial and Leasing Expertise 6.3 Transparency and Professional Standards 6.4 Data-Driven Approach 6.5 Coordination and Resolution Conclusion Frequently Asked Questions 1. How is Landlord Representation different from a brokerage or independent agent? 2. When should an owner appoint a landlord representative? 3. Can a Landlord Representative Help Review Existing Leases? 4. How can owners verify the credibility of a Landlord Representative? 5. Can a Landlord Representative resolve disputes with tenants on behalf of the owner? 6. Why use Landlord Representation services? 7. How can owners work effectively with a Landlord Representative?

1. Risks and Challenges in Retail Leasing

1.1 Prolonged Vacancy and Disrupted Cash Flow

Unoccupied space represents missed potential income for property owners, while operating costs such as maintenance, security and property management may continue to be incurred.

According to Savills Q2/2026 market report, HCMC's retail market recorded stable stock of 1.6 million sq m, amid a shortage of new supply since Q3/2025. Average ground-floor rents increased to VND 1.6 million/sq m/month, supported by high-quality projects such as Union Square and Saigon Marina IFC. However, overall occupancy declined slightly to 92%, due to the time required to absorb newly opened space.

This shift has created greater differentiation across the market. While high-quality assets continue to attract demand, older properties, assets with limited technical investment or spaces priced above levels supported by occupier economics may face prolonged vacancy.

Vacant space not only results in lost rental income but also requires owners to continue bearing operating, maintenance and property management costs throughout the vacancy period.

1.2 Selecting the Right Tenants

Not every brand that is ready to lease space is necessarily the right partner for a project. Assessing tenants solely on their initial ability to pay may overlook important factors, including:

• Financial strength, capital expenditure (CAPEX) requirements and ability to sustain operations.
• Alignment with the project's positioning and target customer base.
• Space requirements, handover conditions and technical specifications.
• Operating experience and brand development plans.
• Ability to fulfil obligations under the lease.

An unsuitable tenant can result in delayed payments, lease breaches, early closure or additional costs associated with finding a replacement tenant.

1.3 Imbalanced Tenant Mix

A tenant mix that lacks a clear strategy can result in direct competition between stores, reducing the diversity of the customer experience and affecting the project's ability to attract pedestrian traffic.

For example, if a retail podium is overly concentrated in one F&B segment while lacking essential services, education, healthcare or community amenities, the project may not be fully addressing the needs of nearby residents and customers.

1.4 Leasing Negotiation and Legal Risks

Large retail brands typically have professional site-selection and lease negotiation processes. Inexperienced property owners may face challenges when dealing with terms relating to:

• Lease term, renewal and termination.
• Rent-free periods and payment schedules.
• Periodic rent adjustments.
• Security deposits and performance guarantees.
• Service charges, operating costs and other expenses.
• Rights and obligations of the parties.
• Revenue sharing, category exclusivity or preferential rights.
• Handover, fit-out and reinstatement conditions.

2. Landlord Representation in Real Estate Asset Management

2.1 What Is Landlord Representation? 

Landlord Representation is a professional leasing advisory service that helps property owners develop and implement strategies to improve occupancy, attract suitable tenants and support long-term asset performance. 

Depending on the scope of the appointment, services may include market research, positioning, tenant mix planning, marketing, tenant outreach, lease negotiations and transaction management. 

The role extends beyond filling vacant space. Effective landlord representation helps owners align leasing decisions with broader asset objectives, supporting occupancy, income stability and long-term value. 

2.2 How Is Landlord Representation Different from a Single Transaction Brokerage Service? 

2.3 When Should Property Owners Consider Landlord Representation? 

Landlord Representation is suitable when: 

• A project is under construction, preparing to open and requires a leasing strategy from the outset; 
• Vacancy is high or the time required to secure tenants has become prolonged; 
• The owner wants to attract established brands with complex leasing requirements; 
• The existing tenant mix does not adequately reflect market demand; 
• The portfolio includes multiple spaces, different unit sizes or multiple leases requiring management; 
• The owner requires specialist support in lease negotiations and restructuring. 

3. The Role of Retail Leasing Management Services

3.1. Developing and Optimising the Tenant Mix 

The allocation of retail categories, brands and services within a commercial project directly influences customer experience, shopper footfall and the long-term performance of the asset. 

When developing a tenant mix, a leasing advisor will typically consider: 

• Local demographics, income levels and consumer demand; 
• Location, accessibility and footfall; 
• Project scale, layout and existing amenities; 
• Underserved categories or categories facing high levels of competition; 
• Medium- and long-term development plans for the surrounding area. 

With experience working with brands and property owners, Savills Commercial Leasing team supports owners in optimising the retail leasing process, conducting market research, identifying target brands and recommending a tenant mix aligned with the project's positioning. 

Examples of Tenant Mix by Property Type:

3.2. Access to Major Brand Networks 

According to the Vietnam Real Estate Market Report Q2/2026, store expansion by existing retailers and the entry of new brands continued to support leasing activity in HCMC's retail market. 

Retailers typically assess locations based on factors such as floor area, frontage, visibility, rental levels, footfall and handover conditions. Understanding these requirements can help owners position available space more effectively and engage with the most relevant occupiers. 

As part of a landlord representation strategy, leasing teams can support owners by: 

• Identifying suitable target brands by retail category and market segment; 
• Tracking retailer expansion plans and site-selection requirements; 
• Building a qualified pipeline of potential tenants for available space; 
• Matching property attributes with occupier requirements to improve leasing outcomes. 

This approach can help broaden tenant outreach while improving the alignment between available space and retailer demand. 

3.3. Developing a Rental Strategy 

Rates do more than determine revenue per square metre. They also affect a project's ability to attract brands and the time required to achieve occupancy. 

If asking rents exceed levels that the market can absorb, the leasing process may take longer. Conversely, setting rents below the property's potential can reduce revenue and affect long-term asset value. 

A Savills Landlord Representative can support rental strategy development through: 

• Surveying rental rates across competing projects; 
• Assessing location, floor area, frontage and space quality; 
• Analysing leasing demand by retail category; 
• Reviewing rental rates, handover conditions and leasing incentives; 
• Developing leasing proposals and negotiation scenarios; 
• Monitoring market feedback and recommending adjustments when required. 

3.4. Lease Negotiation and Transaction Management 

Negotiating a commercial lease involves more than the headline rental rate. The parties need to agree on handover conditions, lease terms, incentives, payment obligations, technical requirements and operating responsibilities. 

With a representative involved, property owners can receive support with: 

• Preparing commercial proposals and negotiation parameters; 
• Engaging with the brand's property development team; 
• Comparing leasing proposals based on their overall commercial value; 
• Coordinating with technical, operations and legal teams; 
• Monitoring the progress of negotiations and contract execution; 
• Reviewing outstanding requirements before handover. 

3.5. Keeping Up with Retail Market Trends 

The market continues to evolve in response to changing consumer behaviour, e-commerce growth, business models and brand expansion plans. 

For owners looking to optimise their real estate asset management, close monitoring of the market helps address key questions: 

• Which retail categories are currently looking for space in the area? 
• Which brands are planning to expand and what are their space requirements? 
• Which retail formats best align with local consumer behaviour? 
• How should the project adjust its amenities or tenant mix? 
• What rental policies and incentives are competing projects offering? 

These insights help owners make data-led decisions rather than relying solely on experience or asking rents from neighbouring projects. 

4. Savills Landlord Representation Process 

The specific process is tailored to the property type, current occupancy status and scope of services agreed with the client. The following is a reference framework for retail leasing advisory and management. 

Step 1: Market Assessment and Commercial Positioning 

Assess the property's current condition, leasable area, location, accessibility, competing projects and market demand. Based on these findings, develop the leasing strategy and recommended space allocation by retail category. 

Step 2: Develop Marketing Materials and Approach Target Tenants 

Prepare project marketing materials, available-space information, leasing conditions and key commercial advantages. Conduct B2B marketing, engage with brands and facilitate site inspections. 

Step 3: Negotiate Transaction Terms 

Support the owner in discussions with tenants regarding rental rates, space requirements, lease terms, handover conditions, incentives and other commitments. Coordinate with relevant teams to clarify technical and legal requirements. 

Step 4: Complete the Lease and Handover 

Monitor the progress of negotiations, coordinate document reviews and support contract execution within the agreed scope. Facilitate the handover process so tenants can proceed with fit-out, installation and operations. 

What Should Owners Prepare Before Starting the Process? 

To facilitate an effective advisory strategy, owners should prepare: 

• Legal documents and materials relating to leasing rights; 
• Floor plans, area schedules and technical specifications; 
• Current occupancy status, existing leases and vacant space; 
• Rental rates, service charges and current commercial policies; 
• Target tenant direction and business objectives; 
• Budget, timing and handover constraints. 

Provide your property details and Savills can help evaluate market opportunities, identify target occupiers and develop an appropriate leasing strategy. 

5. Case Study: Thiso Mall Sala, From Leasing Challenge to Stable Operations   

The Initial Challenge: Completed Development with No Leasing Transactions 

Thiso Mall Sala has a total gross floor area (GFA) of 60,000 sq m. Construction was completed in 2017, but the project initially recorded no leasing transactions. 

Before working with Savills, the project had undertaken leasing activities through its internal team and other leasing partners, but the results had not met expectations. 

Savills Solution: Advisory and Exclusive Leasing Services 

Savills entered into an advisory and exclusive leasing and operational management agreement and commenced leasing activities in the period following the COVID-19 restrictions. 

The market was facing pressure from the growth of e-commerce and more cautious retail expansion. In this environment, leasing efforts focused on identifying suitable brands, targeting prospective tenants and progressing transactions to support project occupancy and operations. 

Common Challenges 

• Large-scale projects with multiple brands required to establish a retail ecosystem. 
• The implementation period was affected by changes in consumer behaviour and the growth of e-commerce. 
• Leasing activity needed to generate sufficient commercial appeal to support the project's opening and stable operations. 

Result: Project Occupancy and Stable Operations 

Thiso Mall Sala achieved an 86% occupancy at opening. 

During subsequent operations, the project continued its leasing activities and has reached 95% occupancy, with widely recognised brands including Uniqlo, MUJI, Adidas, Swarovski and Galaxy Cinema, contributing to the development of a retail, fashion, entertainment and shopping experience ecosystem at Thiso Mall. 

Result: Project Occupancy and Stable Operations 

Thiso Mall Sala achieved an 86% occupancy at opening. 

During subsequent operations, the project continued its leasing activities and has reached 95% occupancy, with widely recognised brands including Uniqlo, MUJI, Adidas, Swarovski and Galaxy Cinema, contributing to the development of a retail, fashion, entertainment and shopping experience ecosystem at Thiso Mall. 

6. CRITERIA FOR SELECTING A LANDLORD REPRESENTATION PARTNER

6.1. Market Experience and Tenant Relationships

A Landlord Representative should be able to demonstrate a track record of leasing similar assets and connecting properties with suitable occupiers. Market knowledge, tenant relationships and an understanding of occupier requirements can help owners identify leasing opportunities and respond to changing demand.

Savills combines local market expertise with access to a broad occupier network and regularly updated market intelligence, supporting leasing decisions across retail, commercial and mixed-use assets.

6.2. Commercial and Leasing Expertise

A lease agreement involves more than agreeing a rental rate. Lease negotiations often include rent review mechanisms, incentives, revenue-sharing arrangements, exclusivity clauses and other commercial considerations that can influence long-term asset performance.

Owners should assess whether the representative has the experience and resources to negotiate these terms effectively while balancing leasing objectives with risk management and operational requirements.

6.3. Transparency and Professional Standards

A Landlord Representative requires managing commercially sensitive information throughout the leasing process. As a result, transparency, confidentiality and clearly defined processes are important considerations when selecting a representative.

Owners should ensure that the appointed advisor maintains appropriate standards for information management, conflict mitigation and client reporting.

6.4. Data-Driven Approach

Leasing recommendations should be supported by market evidence rather than assumptions. Rental levels, tenant mix strategies and positioning recommendations should be based on occupier demand, market conditions and comparable transactions.

A data-led approach can help owners make more informed decisions regarding leasing strategy, pricing and occupancy planning.

6.5. Coordination and Resolution

Leasing transactions often involve multiple stakeholders, including property managers, legal advisers, consultants, contractors and prospective tenants. Effective execution can help reduce delays, improve communication and support smoother transaction execution.

When evaluating a Landlord Representation partner, owners should consider the team's responsiveness, operating processes and ability to manage the leasing process from initial marketing through to lease completion.

CONCLUSION

Effective representation can influence far more than short-term occupancy. A well-executed leasing strategy can help strengthen tenant quality, support income stability and enhance the long-term performance of an asset.

Savills supports landlords through every stage of the leasing process, from market positioning and tenant mix planning to lease negotiations and occupancy management, helping assets remain competitive in changing market conditions.

FREQUENTLY ASKED QUESTIONS ABOUT LANDLORD REPRESENTATION

1. How is Landlord Representation different from a brokerage or independent agent?

Landlord Representation typically covers a broader scope than a single transaction and may include market research, leasing strategy development, brand outreach, negotiation and transaction management.

A brokerage or independent agent may focus primarily on connecting landlords and tenants, although some firms also provide specialised advisory services. Owners should therefore compare the actual scope of services, experience, fee structure and responsibilities rather than relying solely on the service name.

2. When should an owner appoint a landlord representative?

Owners may consider engaging a representative during the project planning stage, while the development is under construction, before opening or when leasing requirements first emerge.

Early engagement gives the advisor more time to research the market, identify target brands, develop the tenant mix and provide recommendations on commercial terms.

For operational assets, the service can also be useful when vacancy increases, leases approach expiry or the tenant mix needs to be adjusted.

3. Can a Landlord Representative Help Review Existing Leases?

Yes. Depending on the scope of the appointment, a landlord representative can review existing leases, assess rental levels, analyse lease expiry profiles and identify opportunities for lease renewals, rent reviews or tenant mix improvements. Any lease amendments remain subject to agreement between the landlord and tenant and must comply with applicable regulations.

4. How can owners verify the credibility of a Landlord Representative?

Owners should review the advisor's legal entity, project experience, client references, transaction track record and the scope of services specified in the agreement.

They should also clarify confidentiality arrangements, potential conflicts of interest, reporting responsibilities and the service fee structure. For high-value projects, speaking directly with reference clients or reviewing publicly available credentials can provide further insight into the advisor's actual capabilities.

5. Can a Landlord Representative resolve disputes with tenants on behalf of the owner?

A representative may support information exchange, stakeholder coordination, progress monitoring and the development of commercial solutions to help prevent disputes from becoming prolonged.

However, there is no guarantee that every dispute can be resolved quickly. The timeframe will depend on the nature of the dispute, contractual terms, the level of cooperation between the parties and the applicable dispute-resolution process.

For legal disputes, owners should work with an appropriate lawyer or legal advisor.

6. Why use Landlord Representation services?

Internal leasing teams may be sufficient for smaller assets or portfolios. However, for larger projects or assets with multiple retail categories, Landlord Representation can provide additional market insight, leasing expertise and access to occupier networks.

A specialist advisor can support pricing, positioning, tenant mix planning and lease negotiations, helping owners improve occupancy and align leasing outcomes with broader asset objectives.

7. How can owners work effectively with a Landlord Representative?

To support an efficient leasing process, property owners should:

• Establish clear occupancy, income and leasing objectives;
• Provide complete asset information, technical specifications and lease documentation;
• Define decision-making authority and approval procedures;
• Agree on reporting requirements and performance metrics;
• Communicate changes to budget, positioning or asset strategy promptly;
• Review leasing progress regularly against agreed targets.

Proactive coordination between the owner and advisor can reduce the time required to process information and improve consistency throughout the leasing process.

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