Co-working continues to grow in popularity in ASEAN countries, as demand from small and medium-sized companies and start-ups has grown in recent years. The two groups prefer co-working spaces to traditional offices because they don’t require deposits or long-term contracts.
In a joint survey conducted by Thai co-working company Hubba Co and Colliers International Thailand Research, it was found that Thailand has 120 co-working spaces. This is up sharply from 2011 when there were none. Co-working space companies in Thailand are looking to expand into new locations using new formats in an attempt to find new customers.
The concept of co-working was first embraced by freelancers, start-ups and SMEs in Thailand that were not ready or confident enough to commit to a lease in an office building that can be beyond their budget, says Surachet Kongcheep, associate director of research at Colliers International Thailand to the Nation.
In addition to Thailand, other ASEAN countries are starting to get onside with this trend. Singaporean developer CapitaLand and Vietnamese firm Toong have signed an agreement that will see the major real estate company and Vietnam’s leading developer and operator of co-working space working together. The deal is the first of its kind in Vietnam will see Toong open spaces at CapitaLand projects.
The 1st co-working space under the partnership will be located at CapitaLand’s The Oxygen shopping mall in Ho Chi Minh City’s District 2, according to media reports. The space will offer modern amenities and value-added services for more than 300 members.
District 2 is seen as an upscale area and a place where co-working could be popular. Similar neighbourhoods in major metropolitans such as Bangkok or Shanghai have become popular for co-working spaces and the two partners believe the same will hold true for District 2.
“CapitaLand aims to provide real estate of the future, and working closely with sharing-economy players and technology start-ups is an important pillar of this strategic thrust,” says Lim Ming Yan, President and Group Chief Executive of CapitaLand.
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