Knight Frank Vietnam's 2023 study on the co-working space market in Ho Chi Minh City shows that supply in this segment increased by 16% across the city, but occupancy rates and asking rents decreased significantly.
In July 2023, Ho Chi Minh City will have a total of 95,300 m2 of co-working space.
Specifically, in July 2023, Ho Chi Minh City had a total of 95,300 m2 of co-working space, an increase of 12,800 m2 over the same period. The average occupancy rate was 81%, down 5% compared to last year.
The asking price for shared office space has dropped by 34% to $209 per person per month. At the same time, the price for individual seats has also dropped by 35% to $139 per person per month. The main reason for this price drop is the surge in supply, especially in areas outside the city center, forcing operators to lower their rental prices to attract customers.
However, the 16% increase in leased area still reflects optimism about demand for shared offices.
According to The Sentry - a leading provider of coworking space services, this segment is developing specialized spaces to serve the needs of booming creative industries, such as design, media, video production and music .
Knight Frank's research also shows that many businesses are also looking to scale their operations, and co-working space operators are ideally positioned to provide this flexible solution.
Small-scale tenants often want to co-locate space with similar businesses, enjoy amenities and infrastructure from reputable suppliers and operators in the market, especially in the first half of this year when the number of registered businesses decreased by 0.5% compared to the same period last year.
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