According to the third annual Flexible Workspace Survey of Ho Chi Minh City by Knight Frank Vietnam, the city’s office supply has increased by approximately 20%, largely due to new premium office projects in the central area.
As a result, Ho Chi Minh City now boasts 120 flexible workspaces managed by 28 service providers, with five more centers expected to open by the end of this year. Among these are two projects offering a total of 1,908 sq m of shared office space in The Nexus building and another project with 1,063 sq m in the Bitexco Financial Tower.
Premium offices are attracting tenants |
The abundant supply has led to a slight dip in the absorption rate of premium offices in 2024, with occupancy levels at 73% compared to 81% in 2023. Nonetheless, Knight Frank anticipates an improvement by the end of this year as new tenants move into these desirable premium projects.
On average, co-working office spaces in Ho Chi Minh City now rent for 219 USD/person/month (approximately 5.4 million VND), reflecting a 4.5% increase from the previous year. Premium and Grade A offices, favored by multinational tenants, command an average rent of 344 USD/person/month (around 8.6 million VND/person/month).
Meanwhile, the city’s peripheral and outlying areas are witnessing a boom in small and medium-sized enterprises, as well as start-ups. Here, emerging service providers are actively cultivating a diverse working environment, offering more options than traditional serviced offices, co-working spaces, and flexible desks.
This trend aligns with Knight Frank’s market observations, noting that newly established businesses are opting for affordable spaces outside the central area while still enjoying convenient connections to burgeoning high-tech parks.
S. Nhung
Proposed Planning for Adding 2 New Cities in Ho Chi Minh City
According to Architect Ngô Viết Nam Sơn, Ho Chi Minh City should consider planning two cities within the city in the south and north.
Comprehensive regional connectivity
In addition to building strong physical infrastructure, Ho Chi Minh City needs to strengthen its soft connections with other provinces in the region in order to promote economic development. This includes prioritizing the training of skilled workforce and ensuring access to quality healthcare.
2023 Remittances Surpass Half of Ho Chi Minh City’s Budget Revenue
As part of the Homeland Spring 2024 program in Ho Chi Minh City, this morning (2/2), the overseas Vietnamese delegation had a tour of the City Hall and met with city leaders.
Three Economic Growth Scenarios for Ho Chi Minh City in Q1 2024
At the socio-economic meeting reviewing the results of January and setting the goals for February 2024, held this morning (1/2), the Ho Chi Minh City Institute for Research and Development has presented three economic growth scenarios for the first quarter of Ho Chi Minh City.
Emotional Kieu people when admiring Ho Chi Minh City from Metro Line 1
Ho Chi Minh City has undergone a remarkable transformation since the day I left. It now boasts a completely different appearance, exuding a fresh and vibrant energy. This sentiment was captured by Mr. Nguyen Duong Nam Phuong, a Vietnamese American, who was amazed by the city’s newfound liveliness.
