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Property

Savills Vietnam introduces office listing and brokerage platform

Released at: 10:08, 24/10/2019

Savills Vietnam introduces office listing and brokerage platform

Photo: Savills Vietnam

New website listing platform and brokerage service to help businesses find flexible and co-working space throughout Vietnam.

by Hong Nhung

International real estate advisor Savills launched Workthere on October 23, a website listing platform and brokerage service that helps businesses find flexible, co-working, and serviced office space in Vietnam.

First launched in the UK in February 2017, Workthere has since expanded to eight countries globally with local teams in Singapore, Germany, France, Spain, Ireland, the Netherlands, the US, and now Vietnam.

Since the concept was first introduced in Vietnam in 2012, co-working space has expanded rapidly around the country. Between 2018 and 2019 Savills reported that the supply of co-working space has increased 64 per cent. In the same period, 57 per cent of the total scale of office transactions in Vietnam came from the real estate industry, 85 per cent of which was from co-working space.

The rise in the number of co-working locations in Vietnam has been driven by the growth of startups and the need for cost-effective space. Amid strong expansion by both local and international operators, co-working space is primed for further rapid growth in Vietnam in the coming years.

Existing co-working providers in Vietnam such as Toong, Dreamplex, Up, and Regus are set to open more venues as they seek to achieve economies of scale, establish networks, and gain market share. The entry of international operators in Vietnam is expected to usher in a period of consolidation and partnership agreements - a trend that is already occurring in other markets throughout Asia-Pacific.

“Demand for flexible office space in Vietnam will continue to be driven by freelancers, local and international startups, and small corporates,” said Mr. Yann Deschamps, Head of Workthere Asia Pacific. “International startups, digital nomads, and freelancers seeking affordable workplaces could also consider relocating to Vietnam to grow their businesses. This growing demand both from domestic and overseas occupiers is a call for a more advanced solution than the traditional leasing service, which explains the introduction of Workthere in Vietnam.”

“We are delighted to see our market coverage expand in Asia-Pacific, where the co-working realm is evolving faster than in other regions in the world,” said Mr. Cal Lee, Founder and Global Head of Workthere. “Vietnam has seen phenomenal growth in the flexible workspace sector, with many new venues coming into the market. At the same time, demand for flexible workspace continues to grow as more businesses, including startups, SMEs, and even larger corporate companies are seeing the benefits of flexible workspace over a more traditional lease.”

Workthere will provide listing services for flexible workspaces in Vietnam and leasing services for landlords, operators, and occupiers through mobilizing local Savills consultants. Workthere’s current coverage includes 50 locations in Hanoi, Ho Chi Minh City, and Da Nang and is set to further expand along with the rapid growth of Vietnam’s flexible office market.

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