“Cushman & Wakefield has built a full-service integrated platform to support our client’ real estate needs across Asia Pacific, including Vietnam which has established itself as an important commercial real estate market globally. Our business in Vietnam continues to go from strength to strength, and we see tremendous opportunity for more growth in the future as investors and occupiers target Vietnam as a vibrant and rapidly expanding market for business and trade.”
Globally, Cushman & Wakefield has approximately 50,000 employees in over 400 offices and 60 countries. Listed on the New York Stock Exchange (NYSE: CWK), the firm generated USD9.4 billion of revenue in 2021 and has been named the world’s best commercial real estate advisor and consultant overall for the fifth consecutive year by Euromoney’s 2022 Real Estate Survey. In Asia Pacific, the firm has about 10,000 employees operating across 55 offices in 14 markets.
Cushman & Wakefield’s business in Vietnam has grown considerably in recent years. Its diverse team of professionals provides a wide range of real estate services including commercial leasing, logistics and industrial, capital markets, hotels, project management valuation and advisory, and market research.
Cushman & Wakefield is currently the largest provider of Valuation & Advisory services in Vietnam. Over the past few years, the team represented approximately USD 4 billion worth of commercial real estate.
In the commercial leasing space, the firm is the partner of choice for Vietnam’s top occupiers and owners of real estate across industries. “Our team comprises some of the most experienced agents in the market with close to 100,000 sqm of office space transacted in the past 5 years. We have strong relationships with both reputable landlords and occupiers and are always keeping our fingers on the pulse of the market to ensure we are well-positioned to help them realise their real estate objectives,” Ms. Trang said.
“As a global company, we need to be able to service clients locally, nationally, regionally, and globally, supported by a strong technology backbone, with market-leading thought leadership and insight generated from property data and analytics. All of these elements are part of our global platform, which is a competitive advantage for us in Vietnam,” noted Ms. Trang.
Technology is a significant part of Cushman & Wakefield’s service delivery platform, and the firm has partnered with a number of companies at the forefront of technology, including Matterport Capture Services, MetaProp, Plug and Play, Fifth Wall, and Pupil. An exclusive strategic partnership with WeWork was also formed in 2021 to deliver innovative flexible space solutions to landlords and businesses of which technology is a key component.
In addition, the company has focused on building infrastructure and technology capability within its platform to leverage the secular megatrends which are having a huge impact on the demand for commercial real estate. Notably, in this regard, the company has strengthened its capabilities in the logistics and industrial sector within Vietnam as well as the broader Asia Pacific region to leverage the megatrends to better serve its clients.
Anshul Jain, Managing Director, India & Southeast Asia at Cushman & Wakefield extended his appreciation and also reaffirmed the firm’s commitment to Vietnam. “As we commemorate our 15th year in Vietnam, I would like to pay tribute to our people and clients, past and present. We are very grateful for your dedication and support and look forward to your continued participation in our growth journey ahead.”
“Cushman & Wakefield has a stable and growing business in Southeast Asia and Vietnam is an integral part of this growth trajectory. As we continue to strengthen our Vietnam business, we will stay focused on our people by providing a positive working environment and development opportunities to help them excel and thrive in this ever-changing world. We will also leverage insights, expertise and best practices from our vast regional and global networks to ensure our clients are well-versed on both current and new real estate trends and solutions.”
People and culture - an important focus at Cushman & Wakefield
“Our talented people are at the heart of what we do and the reason for our success. It is our priority to take care of them, and to provide them with the tools, support and opportunity so that every employee can reach their individual potential,” stressed Trang.
Cushman & Wakefield has invested heavily in the health and wellness of its people and DE&I (Diversity, Equity & Inclusion) with a focus on gender, Indigenous and LGBTIQA+ equality, disability, mental health, and well-being. In 2020, the firm launched Cushwake Cares, a program that provides resources to support both the physical and mental health of its employees. There is also a broad range of employee resource groups that advance the firm’s commitment to DE&I such as the Women’s Integrated Network (WIN) and Leading with Education & Awareness of Disabilities (LEAD).
Notably this year, the Vietnam team collaborated with Love of Vietnam to organized a charity trip to visit Maison Chance on Dak Nong, as part of an on-going program with the facility. In April 2022, the Cushman & Wakefield and Love of Vietnam team went away for the long holiday weekend, traveling 350km from HCMC to Dak Nong to visit Maison Chance. This facility is tucked away from the hustle and bustle of the city, a peaceful haven surrounded by nature. This is the home, educational and vocational hub, and healing retreat for over 150 residents.
Here, the team hosted an art competition titled “The world in your eyes” and received artworks from 35 "little artists", all of whom were disadvantaged kids in primary school. All 35 kids were awarded scholarships that will facilitate their future educational and creative journey. Among the submissions, 5 outstanding artworks were chosen to be printed on items like notebooks, bags, and umbrellas to carry the story far beyond the campaign.
Looking Ahead
Trang shared her confidence in the outlook of the Vietnam property market in the near future: “Despite some volatility in the market, we believe that industrial and logistics properties, development land, hotels, and offices will still be sought after by investors. Foreign investors looking to enter Vietnam will continue to search for stable returns. They will be looking for income-producing assets or to team up with good quality joint venture partners".
With 15 Free Trade Agreements (FTAs) signed and many more under negotiation, foreign investors are confident and ready to enter the market, even though there are still challenges around low transparency and contradicting and insufficient law frameworks. “The government is actively addressing these issues, and procedures relating to the legal system are gradually implemented. These efforts will help remove the existing hurdles for investment activity in the coming years," noted Ms. Trang.
With Vietnam’s rising appeal as an attractive investment destination, the real estate market is expected to evolve rapidly as investors and occupiers capitalize on business opportunities. “We are excited by the bright prospects ahead of us and are fully committed to bringing the best of Cushman & Wakefield to every opportunity and mandate given to us. Leveraging on the strength of our platform globally, regionally and locally, we look forward to partnering with our clients to make an impact in the Vietnam real estate market,” said Ms. Trang.
