The Race for Office Quality Upgrade: Current Situation and Future Trends

The relentless race to upgrade office quality is unfolding vigorously worldwide, and the crucial aspect lies not only in providing professional spaces but also in the ability to meet increasingly high standards. In the current and future context, an indispensable factor is affordable office space for rent. Join us as we explore significant developments and opportunities that this trend brings about.

Is the current quality of global offices “lagging behind”?

According to Cushman & Wakefield Vietnam, 72% of offices in the Asia-Pacific region will not meet the leasing demands of leading businesses. Compared to the European or North American markets, the risk associated with office buildings is less common in the Asia-Pacific region. However, with the increasing societal and tenant interest in sustainability in real estate, the competition to optimize offices is becoming more intense in this region.

A survey report on offices in Asia in Q3/2023 by Cushman & Wakefield indicates that half of the office supply in the Asia-Pacific region needs upgrading. Among them, only 43% of the new supply in the market has obtained sustainability certifications such as LEED, Green Mark, etc., and only about 28% of the supply is capable of meeting standards for top-tier tenants.

The race to optimize office is gradually becoming more intense

Similar office survey reports released by Cushman & Wakefield in the United States and Europe also indicate that 85% of office buildings in the United States and 76% in Europe are at risk of becoming outdated or need upgrading to maintain competitiveness in the market.

The driving factors for demand in these markets also differ. In the United States, the return-to-office rate is low, and the growth rate of office employment is weak. According to forecasts, these factors will lead to an office space surplus of up to 1.1 billion square feet by 2030.

Learn more: Why should you choose an office in Saigon Hi-Tech Park?

The race for office quality in Vietnam is also “hotter” than ever

Tenants in Vietnam are becoming increasingly demanding, requiring offices to meet the highest quality standards. This reflects a common trend in the market as users become more discerning and have a wider range of choices.

The significant surge in office supply in recent times is an undeniable reality, providing businesses with more options than ever before. However, it is noteworthy that in the context of this rapid supply increase, the absorption rate of office spaces is slowing down. This poses a significant challenge for investors and office owners.

In this context, investors who do not improve and enhance the quality of their offices will face difficulties competing with other players. This is also why the race to optimize assets is becoming more intense than ever.

Green building standards are becoming an important standard

Notably, businesses are increasingly showing interest in green building certifications, demonstrating a commitment to the environment in a sustainable manner. This is not only a global trend but also a decisive factor in office selection.

Especially in major cities like Ho Chi Minh City, green building standards are becoming an important criterion, providing favorable conditions for businesses when choosing offices. This is a positive trend, driving the development of high-quality office projects outside the city center.

Green Building Status in Vietnam

Currently, many projects are concentrated in areas with limited land resources, leading to a significant reduction in green space. This contributes to a notable shrinkage of living and working spaces for urban residents, negatively impacting environmental quality.

The greenery ratio in Vietnam is currently only 1/5 to 1/10 compared to standards set by United Nations organizations. This indicates scarcity and deficiency of green spaces, putting significant pressure on maintaining ecological balance in developing urban areas.

Large urban areas like Ho Chi Minh City are facing a shortage of land for investing in the construction of green and sustainable spaces. This implies the need to find innovative solutions to optimize the use of existing spaces and create a better living environment for the community.

See more: What is a green office building?

OneHub Saigon is the ideal location for green office solutions

To address the above situation, strong encouragement is needed to invest in projects with green certifications. Simultaneously, ensuring significant green spaces in construction projects will contribute positively to improving the quality of the urban environment and enhancing the attractiveness of these areas for residents. OneHub Saigon, an integrated business park will be an ideal location for green office solutions.

Affordable Office Spaces in Ho Chi Minh City in the Quality Race

Current Situation

In central areas of the city, finding affordable office spaces for rent has become extremely challenging. High competition and limited supply have made it difficult for businesses to find options that fit their budgets.

Due to the scarcity of space and the rising cost of office rent in the city center, many savvy businesses have opted for high-quality offices in peripheral areas such as Thu Duc City. This not only brings the benefit of reasonable prices but also means enjoying spacious working environments and easy access to various social amenities. OneHub Saigon is considered an ideal affordable office space for these conditions.

OneHub Saigon – Quality Office Spaces for Rent

OneHub Saigon, an integrated business park located at the entrance of the Saigon High-Tech Park, along with Hanoi Highway, aims to be a ‘technology home’ providing shared office solutions for companies and businesses in technology-related industries and supporting services such as information technology, material technology, biotechnology, logistics, etc.

With the concept of Work – Live – Play – Learn and a focus on human development, OneHub Saigon integrates a central commercial area, office buildings, an event organization area, and an outdoor sports area…

See more: 70 million USD – 1 Hub Data Center

OneHub Saigon – Tower 1

Significantly, Tower 1 of OneHub Saigon has achieved LEED Silver certification – an environmentally friendly and sustainable standard developed by the U.S. Green Building Council. This makes it the first building in the High-Tech Park to receive such certification, along with low-rise buildings designed in a campus style, which is becoming increasingly popular.

The construction model of OneHub Saigon is based on successful Business Parks in Singapore such as the International Tech Park and Changi Business Park, featuring low-rise office buildings combined with spacious green areas, placing people at the center of development.

Conclusion

In the context of the increasingly competitive race to upgrade office quality, finding affordable office spaces in central city areas has become a significant challenge. However, smart businesses have recognized the true value of modern workspaces and have chosen high-quality offices outside the central business district of Ho Chi Minh City, such as the Thu Duc area.

OneHub Saigon not only provides an optimal working environment but also ensures reasonable rental prices, catering to businesses seeking the perfect balance between quality and cost savings.