24/04/2024
The new Grade A+ office building in the "new CBD" area of Thu Thiem is quickly becoming a focal point for attracting the attention of foreign businesses due to its ability to meet the criteria and trends of multinational companies. In a global context where there is a quest for modern and efficient workspace solutions, the supply of new Grade A offices remains limited, even in Ho Chi Minh City. An expert from Achieve Realty VN highly values the rapid acceptance of Grade A+ office buildings in Thu Thiem, as they meet the modern criteria and suit the needs of foreign businesses.
Currently, the demand for office quality is increasing, especially as corporations focus on environmental, social, and governance (ESG) standards. The market report indicates that in 2023, ESG requirements and rising energy costs are driving businesses to focus on energy efficiency and climate change mitigation measures when leasing offices.
However, developing premium offices to meet demand is not straightforward due to limited land supply and rising construction costs caused by inflation and high interest rates. This makes it difficult for developers to create new projects, leading to a shortage of Grade A office supply.
Ho Chi Minh City is one of the most dynamic economies in the Asia-Pacific region, yet the supply of Grade A offices is relatively scarce. According to the Ho Chi Minh City real estate market report for Q1/2023 by Savills Vietnam, Grade A offices account for only 12% of the market share with 295,200 m², an increase of 6% from the previous quarter, while Grade B offices account for 42% with 1.09 million m².
In this context, The METT building in the new urban area of Thu Thiem is drawing attention as a new solution for Ho Chi Minh City's demand for Grade A+ offices. The project is developed by Son Kim Land, with a scale of 23 floors and 3 basements, totaling 28,000 m² of leasable space. The METT, with its modern design, premium services, and BCA Green Mark standards from Singapore, is considered an ideal choice for multinational companies, particularly in the fields of finance, investment, information technology, and international financial organizations.
According to Ms. Lai Thi Nhu Quynh, Senior Manager of Office Leasing Services in Ho Chi Minh City, the project meets the needs of businesses seeking modern and flexible workspaces. Although the demand for high-quality, sustainable offices is increasing, the Ho Chi Minh City market still lacks commercial real estate supply that meets ESG or "net zero" standards. The arrival of The METT and new projects with sustainability standards, enhanced connectivity, and assurance of workers' mental health is a positive sign and promises to be well received by clients.
