Opportunities for “Virtual Office Market” Post-Covid-19 Breakthrough

The resurgence of COVID-19 has had a severe impact on the Vietnamese economy. Every sector is more or less affected by the epidemic, especially the office market. Many businesses face the risk of bankruptcy when revenue cannot cover costs and must pay premises. Reducing office costs but not affecting business activities is a challenge for business owners. Discussing this issue, here are some views on convenient virtual office solutions in the post-Covid-19 period.

ENTERPRISE “RESPONSE” TO SMALL COVID IMPACTS FOR THEIR VIRTUAL OFFICE

From the beginning of the year until now, a series of SME businesses have fallen into the situation of “exhaustion and exhaustion” because they have to deal with the prolonged effects of the epidemic. The market gradually narrowed, customers decreased, production and business activities stagnated. Faced with that situation, business owners must find a way to find solutions, and at the same time look for opportunities from existing difficulties.

Many businesses have promptly adapted to the current situation, given solutions to overcome and flexibly change according to market needs such as:

• Focus on core business lines
• Promote Digital marketing and online advertising
• Looking for new market
• Find new replacement materials with suitable cost
• Switch to online sales instead of traditional sales
• Changing the office model, reducing office rental costs

IMPACT OF COVID-19 ON OFFICE MARKET

Covid-19 has had a great impact on investment in the office sector, and the rental growth rate is much slower than previously forecast. Because of fear of the epidemic situation, many businesses have planned to work from home, reduce the office usage rate, and instead invest in technology products for employees to work remotely.
In addition, many start-ups that cannot “bear” this shock easily declare bankruptcy, while others find ways to downsize and reduce personnel. The cost of office space is therefore also significantly reduced.

PROSPECT OF VIRTUAL OFFICE “BREAKING” AFTER COVID-19

With the cost benefits of the virtual office, flexible office, this type of office continues to be the optimal choice for small and medium businesses. According to experts, “The economy is difficult, even after the epidemic, it takes businesses a considerable time to recover, costs are still a big problem that businesses need to consider. Cutting office costs is still one of the solutions chosen by many businesses. Some businesses will cut or split employees to work from home, work in shifts, so coworking space or virtual office is still the preeminent choice. This segment will receive a large demand in 2020 and until the economy fully recovers.” This promises a breakthrough prospect for virtual office rental services in the last months of the year.

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