Coworking spaces expand in downtown Saigon

By Dat Nguyen October 21, 2019 | 09:40 pm PT

A man works in a coworking space in Ho Chi Minh City. Photo courtesy of Toong.

Coworking spaces are expanding in Saigon’s central districts since the limited traditional office space there is unable to meet the growing demand.

In the third quarter a coworking space company rented two stories of a grade A office building on Le Duan Street, District 1, though construction was still going on, Savills Vietnam said in a recent report.

The 1,400-square meter area the company rented will be leased out starting in the first quarter next year.

Other coworking space companies have rented 2,000-5,000 square meters in some of the city’s newest office buildings.

By the end of September coworking companies had rented 52 percent of all office space in the central area, including in future projects.

While coworking offices are popular among small businesses and startups, large firms with hundreds of employees are also interested in them because of the flexibility they offer, Savills said.

The demand for coworking space keeps increasing since grade A office supply in the downtown area continues to be limited, and businesses struggle to find large space.

HCMC ranks 41st out of the 50 fastest growing coworking markets in the world this year listed by consultancy Co-working Resources.

A new coworking space opens every 47.5 days in the city, it added.