Multi-generational office - New "taste" of corporate tenants
17/11/2023
Demand for Multigenerational Offices
According to the General Statistics Office, by 2025, Generation Z is expected to make up nearly one-third of the labor force in Vietnam. The latest research from Savills Impacts 2023 indicates that, unlike other generations, the ideal office space for Generation Z should focus on the balance between work and life, as well as opportunities for career development through exchanges and team collaboration with colleagues.
Regarding the relationship between Generation Z and office space, Kirsty Toye, Deputy Director, Senior Workplace and Change Management Strategist at KKS Savills, noted: "Young professionals who are part of Generation Z, conscious of gaining experience and expertise, are a group actively seeking opportunities for interaction, connecting with colleagues, and an environment that aligns with corporate culture."
The concept of a multigenerational workplace, or "intergenerational workplace," is no longer unfamiliar in the office markets of Hanoi and Ho Chi Minh City. However, this office model, along with significant changes in work habits, especially due to the differences in Generation Z, has become a focal point for businesses.
Savills' research asserts that, on average, each office may see the presence of up to 4-5 different generations sharing and working together in the same workspace. To balance and meet the distinct needs of each group, companies need to change their workplace construction strategies, moving beyond merely providing machinery and equipment to serve traditional work functions.
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Two Key Points of Multigenerational Offices
Savills conducted a survey with 943 participants from four working generations: Baby Boomers (born between 1946 and 1964), Generation X (born between 1965 and 1980), Millennials (born between 1981 and 1996), and Generation Z (born between 1997 and 2012). The report reveals two significant findings regarding employee preferences for workspaces.
Firstly, alongside spending time working independently, all generations allocate 30% of their daily work hours for collaboration with colleagues or engaging with clients and partners.
Secondly, integrated services and amenities within and around the office are considered key motivators for going to work across all generations. While Baby Boomers and Generation X prioritize convenience in terms of dining and public transportation, Millennials and Generation Z place a high value on physical fitness facilities and collaborative workspaces.
Regarding the role of the office for employees, Hoang Nguyet Minh, Senior Director of the Commercial Leasing Department at Savills Hanoi, analyzes: "Entering a new trend, the concept of an office today goes beyond being a place for employees to complete work and leave before 5 p.m. The current situation shows that many employees still stay in the office after regular working hours; therefore, businesses need to consider services to meet both rest and entertainment needs of personnel."
"Many companies have begun to consider adding utility services to the office, such as serving food and drinks during and after working hours, installing gym equipment, entertainment facilities, or designing areas for mothers and babies. These strategies will not only increase work efficiency, interaction opportunities, and bonding among multigenerational employees with the company but also contribute to building a professional recruitment image, attracting and retaining high-quality and skilled talents," Minh concludes.
Prospects of Multigenerational Offices
The Savills expert further shares that with the office model focusing on the workforce's utility service needs, businesses tend to seek spaces that align with contemporary trends, especially in buildings with good technical specifications and green certifications. Offices near or with integrated health and lifestyle amenities such as gyms or coffee shops are also attractive to tenants.
By the end of 2023, the Hanoi office market will have a total of 4 internationally certified green office buildings. Among them, TechnoPark Tower is the only project that has achieved the highest LEED certification – LEED Platinum, along with comprehensive transportation, entertainment, and health facilities.
Pioneering the green office trend, TechnoPark Tower offers 110,000 square meters of green office space. With an average floor area of about 2,700 square meters per floor, companies can easily deploy focused work areas interspersed with suitable rest and entertainment facilities, promoting interaction and teamwork among staff.
Each workspace at TechnoPark prioritizes human health at its core. The building is completed with triple-layer Low-E glass on all four sides, reducing UV rays and noise from the outside environment while maintaining a harmonious temperature inside the building throughout the year. An air purification system installed on each floor also assists in ensuring office air quality against external factors.
For businesses valuing the work environment and enhancing employee benefits, TechnoPark provides rare advantages, situated in the most vibrant urban area in East Hanoi – Vinhomes Ocean Park.
With the VinBus electric bus network spanning across districts and the central core area of Hanoi, tenants can easily travel to retail stores in the apartment complex, Vincom Mega Mall, lakeside areas, and more. Modern and spacious parking spaces, marathons, urban area amenities, entertainment, and closed-loop service facilities are strong points in effectively addressing tenants' concerns and requirements.
Chu Thanh Huong, representative of Vinhomes Office Leasing, shares: "In recent years, the Hanoi market has seen very few high-quality office projects that fully serve the needs of business tenants through community activities, encouraging a healthy lifestyle. Currently, the number of projects achieving this is still limited, but we have received positive feedback from tenants with offices applying the 'all in one' model (providing complete workspaces, amenities, services, and facilities to meet work-life balance needs) like TechnoPark. For example, TechnoPark attracted special attention from tenants when recently the building successfully organized a staircase running event with hundreds of participants. I believe the market will continue to observe positive signals for the 'all-in-one' model, aiming to help corporate tenants build a connected community and workforce, addressing the sustainable development challenge effectively."
Source: Báo Vietnam Plus
