The coworking space segment is developing quickly in Vietnam

The coworking office segment targets two kinds of occupiers: small-sized companies and freelancers. In these spaces, individuals sit interleave and work independently while still sharing their work and ideas together. By choosing coworking offices, businesses and self-employed workers can save on cost, as the office rent includes all service charges such as power, water, security, Internet and office equipment.


The coworking office model was born to replace traditional office spaces that are not flexible enough to fit the needs of small-sized businesses. Previously, small businesses in Vietnam set up their offices in apartments. But this practice is no longer allowed, and the restriction has created a huge demand for co-working space.


For small-sized businesses, coworking is a cost-saving solution compared to leasing traditional offices, because traditional office spaces are usually larger than their space demands. In addition, coworking also attracts freelancers because this model allows them to work independently in a private space or meet, discuss and share ideas with peers. The booming coworking office model in Vietnam is due to fluctuations of the economy and changes in working behaviors, said Hoang Dieu Trang, senior manager of commercial leasing at Savills Hanoi.


Recession always encourages the start-up trend, leading to a boom in small and medium-sized enterprises (SMEs) and creating a culture of entrepreneurship. According to the General Statistics Office, SMEs account for 97 percent of enterprises established in Vietnam over the past 15 years and employ about 50 percent of the workforce. In the first seven months of 2017, the number of established businesses hit 72,953, up 13.8 percent over the same period last year. In addition, creativity and flexibility are two criteria highly appreciated in society nowadays. The coworking office model is consistent with these criteria.


The coworking office model continues to attract investment in Vietnam’s major cities. This model is gradually being integrated into other types of real estate such as retail spaces and hotels. At trade centres and hotels, many developers have built spaces for coworking offices, rather than just focus on retail space or accommodation. Demand for coworking office space keeps increasing while supply is limited. Therefore, according to Trang, in the future, this model will grow as a potential market in Vietnam.


Source: CommercialGuru


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