Co-working space believed to prosper after epidemic

20-Aug-2020 Intellasia | Vietnamnet | 6:02 AM Print This Post

Covid-19 is one reason more businesses are choosing co-working spaces. Analysts predict big changes in working office models after the epidemic ends.

Because of various reasons, some foreign companies and foreign organisations coming to Vietnam recently have also chosen co-working spaces.

In a report released in late 2019, Officespace, a company that leases offices in Hanoi, said the co-working space market would continue to boom in 2020. Recent studies also show the forecast is right.

A survey conducted by IDC during the epidemic found that 80 percent of businesses in Vietnam plan to use co-working spaces for the next 1-3 years, higher than the average level in the region.

Eighty-six percent of surveyed people said they highly appreciate the benefits that shared workspaces can bring to their business expansion.

Co-working spaces are expected to survive the epidemic and prosper after the difficult period because of three reasons.

First, the development of startups, the major clients of the co-working space sector.

Second, the demand for attracting and retaining young talents is very high. They include people who love modern working spaces with high connectivity level.

IDC reported that 93 percent of surveyed businesses in Southeast Asia have realised the importance of adjusting the working space to make it satisfactory to young people’s expectations.

Third, Covid-19 has prompted many businesses to give up traditional offices and shift to use co-working spaces. This allows them to save money and use offices in flexible time.

The co-working spaces in Vietnam are witnessing a strong growth trajectory with one space opened every 47.5 days. Office-space estimates that there are hundreds of co-working space service providers in Vietnam that offer a wide range of service fees and associated amenities.

With many advantages, including low rents, low required deposits and flexible time of leasing, co-working spaces can develop well at a time when businesses have to give back premises, scale down business, cut personnel, and organise working in teams as the pandemic has not been completely contained.


Category: Business, Vietnam

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