The High Cost of Renting a “Seat” in Ho Chi Minh City

The average cost of co-working spaces in Ho Chi Minh City currently stands at 219 USD per person per month, a 4.5% increase from the previous year. However, this figure pales in comparison to the asking prices for premium and Grade A office spaces, which can be significantly higher.

By
Administrator
-
0
62
According to the third annual study on co-working spaces in Ho Chi Minh City by real estate consulting firm Knight Frank Vietnam, the supply of offices in the city increased by approximately 20%, mainly from new premium office projects in the central area.
As a result, Ho Chi Minh City now boasts 120 flexible working centers 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 a 1,063 sq. m project in the Bitexco Financial Tower.

Premium offices are attracting tenants.

The abundant supply has led to a decrease in the absorption rate of premium offices in 2024, with occupancy levels reaching only 73% compared to 81% in 2023. Nonetheless, Knight Frank anticipates an improvement in this situation by the end of the year when new tenants move into the popular premium projects.
On average, co-working office rental prices in Ho Chi Minh City stand at 219 USD/person/month (approximately 5.4 million VND), a 4.5% increase compared to the same period last year. Premium and Grade A office buildings, favored by multinational tenants, offer average rental prices of up to 344 USD/person/month (around 8.6 million VND/person/month). 
Meanwhile, the suburban and peripheral areas of the city are home to small and medium-sized enterprises, as well as start-up companies. Here, emerging service providers are actively cultivating a more diverse working environment compared to traditional serviced offices, co-working spaces, and flexible seating arrangements.
This move aligns with market trends observed by Knight Frank, where newly established businesses opt for affordable spaces in peripheral areas that are conveniently connected to developing high-tech parks.
You may also like

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.

RELATED ARTICLESMORE FROM AUTHOR