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Savills Vietnam: HCM City’s office lease market recovering

The office lease market in Ho Chi Minh City is recovering, with hybrid working model comprising both remote and office-based work emerging as a bright spot, according to experts from Savills Vietnam.
Savills Vietnam: HCM City’s office lease market recovering ảnh 1In HCM City (Photo: VNA)

Hanoi (VNA) – The office leasemarket in Ho Chi Minh City is recovering, withhybrid working model comprising both remote and office-based work emerging as a brightspot, according to experts from Savills Vietnam.

Director of Savills Vietnam Commercial Leasing Tu Thi Hong An said whileco-working model is growing slowly, hybrid working spaces are proving effectiveto optimise operating cost and maintain working productivity amid limitedsupply in the downtown.

Commenting on the outlook for the office market in the near future, thecompany said by 2015, additional 550,000 sq.m from 21 new projects will beavailable, with 11 projects outside the downtown accounting for 48 percentof the total area. Four A-class projects will enter the market from 2023 withan average floor area of 67,000 sq.m each, equivalent to 49 percent of thesupply in the future.

According to the municipal Centre for Forecasting Manpower Needs and LabourMarket, employment demand this year will be 310,000 if the pandemic is undercontrol, mostly in the fields of commerce, real estate and electronics. Togetherwith information technology and communications, they also attracted the mostnew and additional foreign direct investment last year. Therefore, they areexpected to spur demand for leasing offices and also co-working spacesthis year./. 

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