The trend is concentrated in the Grade A office market

In the context of the increasingly expensive and scarce Grade A offices, businesses operating in similar fields, able to support or share each other such as finance - insurance, technology - Health - beauty ... tend to gather on a point.

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Co-working space
For months now, Mr. Tran Xuan Kien, General Director of Cogo Company, has been looking for a Grade A office space in the center of Hanoi to develop co-working space for CoGo. "We look for an area of ​​about 2,000 - 3,000 m2. The Grade A office space market in Hanoi, especially in the central area is really scarce and expensive, so we determined not to rent at all costs, "said Kien.

Thanks to the advantages of cost savings compared to traditional office, the co-working space model is exploding at a rapid pace in Vietnam, creating a new breeze in the office market for rent. However, this business model is not responsible for the scarcity of Grade A office space in Hanoi and Ho Chi Minh City.

In fact, foreign companies open offices in Vietnam more and more, especially the boom of technology companies (usually renting out independent offices, large areas, less on co-working). In addition, co-working space accounts for only a small percentage, in which only a few companies choose grade A offices, while the rest choose grade C and D.

According to Savills, Hanoi's total office supply in Hanoi is 1.7 million square meters, of which the largest is office space. According to Matthew Powell, Director of Savills Hanoi, Hanoi office market growth in most areas. In the central area, the rate of occupancy is impressive, with Hanoi Tower in Hai Ba Trung district 100% ... Grade A has the potential to develop new areas, This point is only about 435,000 m2, equal to 11-15% compared with other large cities in Southeast Asia.

Domestic firms in the finance-banking, technology, office space and companies from Japan and Korea account for a large proportion of the rents of Grade A office space in Hanoi. Savills Vietnam rents are expected to increase slightly for at least 2-3 years.

How to "relax" grade A office?
Grade A office buildings are always the most attractive segment due to their quality and location. The former traditional centers such as Hoan Kiem have low landholdings, the number of office buildings is limited and the height of the office supply in general and grade A office in particular is limited. Understanding this, developers have expanded the project to new areas in the west, east of Hanoi. However, geographic distance from the central area to the new area is also a barrier to the development of Class A offices.

Savill said that many companies renting offices will wonder whether they should move out of the center to have more soft rents, more options. It does not matter where their employees are, where their partners are and what buildings they are.

A trend is attracting many agencies when looking for class A office is the need to connect with the inter-sectoral partners. Accordingly, businesses operating in similar fields, able to support or share each other such as finance - insurance, technology - services, health - beauty ... tend to gather a point.

In that trend, technology is seen as an important link linking the industry. According to JLL Research and Consultancy, the market penetration of technology companies, as well as the investment boom from the leading technology giants, will be an important factor in boosting the office market. for rent Vietnam. In South East Asia, the percentage of Grade A offices rented by technology companies jumped to 15-20%.

Many consulting firms believe that Ba Dinh is still the most ideal area for Grade A office development projects in Hanoi. This area does not have too many projects, but it is the ideal location for transshipment between the old center and the new center (western area) of the capital. Similarly, in Ho Chi Minh City, Grade A buildings are mainly located in District 1. Therefore, customers need to quickly and accept the rent higher prices than in the suburbs.



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