Co-working gains ground post-Covid

By Dy Tung   July 14, 2022 | 06:58 pm PT
Co-working gains ground post-Covid
A co-working space in Ho Chi Minh City. Photo courtesy of The Sentry
Co-working spaces are becoming extremely popular in the post-Covid era and boast an average occupancy rate of 80 percent.

The country has 179 co-working spaces concentrated in Hanoi, HCMC and Da Nang, according to corporate service provider Acclime Vietnam and property consultancy Knight Frank Vietnam.

Alex Crane, managing director of Knight Frank, attributed growth to high demand for grade A and B offices with companies being set up or resuming business after the pandemic.

In the first six months 76,233 companies were incorporated, up 13.6 percent from the same period last year.

"Flexible workspace is not only an effective tool for corporate tenants but also a key promoter of growth of Vietnamese start-ups," Crane said.

The Vietnamese start-up spirit is one of the driving factors of growth along with the expansion by multinational companies in the country, he added.

Vietnam ranks among the top 20 Asian markets in terms of co-working space, according to Acclime.

Some prominent players in the market include local names such as Dreamplex, UPGen, CirCO, and Toong and global players like Regus, The Executive Center and WeWork.

U.S.-based WeWork, operator of 4.16 million square meters of space globally, said its revenues in Vietnam rose by 40 percent in the first quarter.

"Vietnam remains our most dynamic market in Southeast Asia," WeWork director for Southeast Asia and Australia, Balder Tol, said.

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