Office market – the trend of large floor-plan office buildings
The Office Market – Trends in Large Floor Plate Office Buildings
Let’s explore the potential office market and the demand for large floor plate office buildings for businesses! Have you ever imagined a creative and diverse working environment, seamlessly integrated into modern and comfortable living spaces? Large floor plate offices can make that happen for businesses. Join us in exploring this topic in the following article.
Definition of large floor office building
A large floor-level office building is a type of architectural construction intended to house offices of companies, organizations or individuals. A characteristic feature of this building is its large floor area, which may or may not include multiple floors. Large floor-level office buildings are often designed to provide workspace for a large number of employees or business partners. In addition to offices, this building may also have amenities such as meeting rooms, reception areas, restaurants, or other support services to ensure work activities take place effectively and comfortably. roof.
The office market in Hanoi and Ho Chi Minh City
Office rental prices in Ho Chi Minh City and Hanoi remain competitive
Research data from Savills in the first half of 2023 shows that Ho Chi Minh City and Hanoi are ranked 12th and 17th out of 21 cities evaluated for office rental costs. This indicates that office rental prices in these two cities remain competitive compared to other markets in the region and globally.
In fact, the average rent for Grade A office space in Hanoi in the quarter reached 41.6 USD/sqm/month, which is less than half compared to markets like Seoul (97.6 USD/sqm/month), Singapore (100.1 USD/sqm/month), and Beijing (101.7 USD/sqm/month). According to Savills Vietnam’s assessment, office rent in Hanoi are also much lower than in other major cities like Bangkok (48.5 USD/sqm/month), Jakarta (51.9 USD/sqm/month), and Manila (54.8 USD/sqm/month).
The rent of Office in Hanoi are lower compared to other major cities in Southeast Asia
The office market in Ho Chi Minh City and Hanoi continues to be considered as two potential markets in Asia, with high occupancy rates. Specifically, according to the Savills Property Price Index (SPPI) report for Vietnam in Q2/2023, in Hanoi, the occupancy rates for Grade A, B, and C offices reached 82%, 85%, and 92% respectively. In Ho Chi Minh City, the average occupancy rate for the entire market remains at 92%. According to Cushman & Wakefield Vietnam, the occupancy rate for Grade A offices in HCMC is higher compared to other cities like Bangkok (84%), Singapore (83%), and Kuala Lumpur (74%).
The demand for office space continues to rise, reflecting the dynamic business activities of enterprises and the booming development of new industries in both cities. The high occupancy rates, combined with competitive rental costs, highlight the attractiveness of the office market in Hanoi and Ho Chi Minh City for businesses seeking opportunities in the overall Asian market and specifically in Vietnam.
According to Savills Vietnam’s assessment, to attract more foreign investors to increase their investment in Vietnam, office supply in Hanoi and Ho Chi Minh City needs diversification, especially in the Grade A segment to enhance competitiveness.
According to a new report from the European Chamber of Commerce in Vietnam on the Business Environment Index in Q2/2023, Vietnam’s PCI index decreased by 4.5% compared to the previous quarter, dropping to 43.5 points due to reduced confidence in the current market challenges. The main reasons are the impact of the Covid-19 pandemic, global economic fluctuations, and issues related to infrastructure, labor quality, and state management.
Vietnam is considered attractive to foreign investors
Prospects for Q3/2023 indicate that the Business Environment Index will not show significant improvement. However, Vietnam is still considered an attractive market for foreign investors. In the survey conducted, the European Chamber of Commerce announced that despite economic challenges, Vietnam is still expected to be a market that foreign investors can enter in the near future.
This reinforces its position as one of the top 5 destinations for one-third of businesses surveyed, highlighting the country’s long-term attractiveness. The European Chamber of Commerce stated that Vietnam has many advantages such as a large consumer market, low labor costs, favorable tax policies, and active international economic integration.
The appeal of large floor plate office buildings
In an era of technological advancement, the demand for modern, convenient, and flexible workspaces is increasing. Especially for large businesses, finding a large floor plate office building to meet the needs of expanding business operations is crucial. So, what are the advantages of large floor plate offices and why do they attract large businesses?
Large floor plate office buildings offer many benefits to businesses
Spacious and comfortable workspace
One of the advantages of large floor plate office buildings is providing a spacious and comfortable workspace for employees. With a large floor area, businesses can design offices according to their preferences, from traditional to modern models, from enclosed offices to open offices, from individual offices to shared offices. A spacious workspace helps employees interact, collaborate, and innovate better, while also reducing pressure and stress in their work.
Flexible and private inter-floor capability
Another advantage of large floor plate office buildings is the flexible and private inter-floor capability. For large businesses, renting multiple adjacent floors in the same building is common. However, moving between floors via shared elevators can be inconvenient, especially during peak hours. Therefore, large floor plate buildings often allow customers to install their own staircases to connect adjacent floors easily and quickly. This not only saves time and moving costs but also enhances privacy and security for businesses.
Cost-effective office design
Another advantage of large floor plate buildings is that they help businesses save on office design costs. With a large floor area, businesses can comfortably arrange furniture and equipment as they wish, without being limited by columns or tight corners. In addition, large floor plate buildings often have high-quality glass, soundproofing, insulation, and UV protection systems, allowing for the use of natural light and minimizing electricity consumption. This not only provides a bright and cool working space but also reduces operating and maintenance costs for offices.
Suitable for large businesses with development vision
Finally, an important advantage of large floor plate office buildings is their suitability for large businesses with a development vision. With a large floor area, businesses can easily expand their workforce and business operations in line with the company’s growth. Additionally, large floor plate buildings are often located in prime locations, near commercial, financial, entertainment centers, and have convenient transportation access. This not only helps businesses reach potential customers, strategic partners, and high-quality human resources but also enhances the reputation and brand of the business.
See more: Demand for cheap office rental today
Large floor plates are suitable for large businesses with development vision
Onehub Saigon – campus-style business park with large floor plates in Thu Duc City
Onehub Saigon is one of the first integrated business parks with large floor plates of office buildings in Ho Chi Minh City, located in the High-Tech Zone of District 9 (former). Onehub Saigon consists of 7 internationally standardized office towers, a multi-functional commercial area, serviced apartment area, training center area, and entertainment facilities. With its large floor area, Onehub Saigon provides spacious, flexible, and modern working spaces for businesses.
Onehub Saigon – the new integrated business park is located in the east of Ho Chi Minh City, directly connected to Metro Line 1
A highlight of Onehub Saigon is its convenient infrastructure and transportation location. Onehub Saigon is located directly on Hanoi Highway, directly connected to Metro Station No. 1 Ben Thanh – Suoi Tien. This is the first Metro line in Ho Chi Minh City, expected to be completed in early 2024.
This Metro line will facilitate fast and safe travel between central districts and suburbs, while also contributing to reducing traffic congestion and environmental pollution. In addition, Onehub Saigon is close to major arterial roads such as Hanoi Highway, Ring Road 2, Ring Road 3, and the Ho Chi Minh City – Long Thanh – Dau Giay expressway, making it convenient to connect to industrial zones, airports, and neighboring provinces.
The commercial office complex owns Tower 1 with LEED Silver certification
Onehub Saigon is not only a large floor plate office campus-style office but also a green and sustainable urban area. Onehub Saigon is designed in a campus style, creating green and airy spaces for residents and customers. The buildings in Onehub Saigon all adhere to international green standards such as LEED (USA) and LOTUS (Vietnam), aiming to save energy, water, and materials.
Onehub Saigon also has many green amenities such as parks, swimming pools, sports fields, children’s play areas, and wellness areas, providing a healthy and happy life for the community. With advantages in workspace, convenient location, green and sustainable design, Onehub Saigon is one of the typical large floor plate office complexes that meet the needs of large businesses.
OneHub Saigon, strategically located between education and industry, easily accessible to transportation routes, is an ideal place for businesses in the technology and service sectors.
Conclusion
With a modern lifestyle, the market is increasingly demanding for convenience and flexibility. The demand of large floor plate office buildings meets these requirements well and has become an attractive option for businesses. Not only does it provide a comfortable workspace, but it also creates unique and professional highlights in the business home.
Read more: Why choose to rent an office in Ho Chi Minh City’s High-Tech Zone?
