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OFFICE LEASING DEMAND FROM INFORMATION AND COMMUNICATIONS TECHNOLOGY COMPANIES RISES SHARPLY
Rapid ICT growth is driving demand for larger offices in Hanoi and Ho Chi Minh City. Office supply must meet the sector’s specific needs to retain long-term tenants.
Strong performance among information and communications technology companies
Vietnam's information and communications technology (ICT) sector is growing rapidly. Revenue reached US$136 billion in 2021, up 9% from 2020. The Ministry of Information and Communications estimated average revenue growth of about 15% in the first quarter of 2022.
The number of operating companies has also remained strong. According to the first-quarter 2022 sector development chart, Vietnam had 65,700 active companies, 1,700 more than in 2021. The figure was expected to grow by 12% annually and reach 100,000 by the end of 2025, nearly double the 2020 total.
As the ICT sector grows, so does recruitment demand. Navigos' fourth-quarter 2021 Vietnam labor-market report noted that the pandemic had little significant impact on ICT and companies continued to seek talent. The report said digital transformation by the government and businesses, especially banks, would be an important driver of demand for IT roles.
ICT companies have a strong need to expand their businesses. This will increase demand for offices, particularly in Vietnam's two main economic centers, Hanoi and Ho Chi Minh City.
Seal Commerce's open-plan office at Artemis Tower
What ICT companies look for in an office
Drawing on her experience with many ICT tenants, Hoang Nguyet Minh, Senior Director of Commercial Leasing at Savills Hanoi, said these companies have specific requirements when choosing an office location.
First, their work relies on complex machinery and equipment, so they set strict requirements for a building's technical specifications. They typically seek properties with high floor load capacity and suitable server rooms, where large quantities of valuable company assets are housed. This is therefore a leading selection criterion.
Electrical cabinets and generators must also have sufficient capacity to keep operations stable. Because ICT companies consume substantial electricity, they tend to seek offices in buildings developed to green standards. Green offices can reduce the environmental impact of their daily energy use.
Minh added: “Given these technical requirements, ICT companies tend to favor Class A offices. Developed by reputable and experienced investors, these buildings are well placed to meet their needs. Companies with less demanding requirements may instead choose Class B buildings at more affordable rents.”
Seal Commerce's modern, youthful and creative office at Artemis
Second, rapid sector growth accelerates company expansion. ICT tenants therefore consider whether a building has enough vacant space for long-term growth. An ICT company can double or even triple its office area within a short period. Samsung's research and development center in the PVI building, for example, expanded from 8,500 m² to 22,000 m² in five years.
Design and amenities add value for companies and help landlords attract tenants. Bright workspaces, for instance, can stimulate creativity. ICT companies also look for buildings offering 24/7 services to match their operating needs.
Facebook and Google offices are notable examples of environments suited to the sector. Their offices worldwide offer more than workspace, with facilities such as gyms, canteens, rest areas, entertainment spaces and security systems to meet employees' needs.
ICT tenants have specialized requirements but are among the most active groups in the office markets of both Hanoi and Ho Chi Minh City. In the southern city, companies seek space across all three office grades. Those needing more than 1,000 m² per floor increasingly look outside the center as central vacancies shrink, especially in newer urban areas such as Districts 2 and 7.
In Hanoi, Minh said: “Office supply remains abundant across the city. Most large domestic and international ICT companies are concentrated in western Hanoi. Compared with central Hoan Kiem District, western districts such as Cau Giay offer more reasonable rents and larger average floor plates. This helps ICT companies design and manage their premises and leaves room for future expansion.”
Source: Duy Bach, Batdongsan.com.vn
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