Many businesses have struggled due to the COVID-19 pandemic, but co-working spaces have bucked the trend and is expected to expand in the coming time, fuelled by companies seeking flexible leasing contracts, according to Savills experts.
Co-working spaces are expected to expand in the coming time. (Photo: VNA)
Hanoi (VNA) – Many businesses have struggled due to the COVID-19pandemic, but co-working spaces have bucked the trend and are expected to expandin the coming time, fuelled by companies seeking flexible leasing contracts,according to Savills experts.
Director of Savills Hanoi Matthew Powell said co-working spaces that provideflexibility for various kinds of businesses will develop, explaining it issparked by the outbreak as well as demand for communication and exchange withinthe firms.
Meanwhile, structural changes in the retail sales sector have added a certainnumber of spaces for the office market, he said, flexible office models couldbranch out in tandem with the retail sales market since they revolve aroundshared amenities such as public transport, parking lots, restaurants, andentertainment.
Shared office space is normally operated undermonth-to-month leasing contract. However, the market saw strong surge in demandfor this kind of office, and most of which came from mid-term contracts.
A survey from Savills showed that as of July 2020, demand for co-working spacesdoubled that recorded in April, while 41 percent of office operators relishedtheir exciting prospects for the office market in the next 12 months.
Savills experts expected growth of the office market will be promoted byforeign firms, insurance and e-commerce businesses who recorded strongdevelopment amidst the pandemic.
Matthew Power said demand for office is on the rise, and it will go up furtherin 2021, as the pandemic is under good control together with upbeat signs inlocal macro-economy and demography./.
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Co-working spaces are expected to expand in the coming time. (Photo: VNA) 
