Every 47.5 days, a new coworking space opens in Vietnam’s southern metropolis, according to the 2019 Global Coworking Growth Study recently published by CoworkingResources, a global information hub for modern workspaces.

The report is based on research that tracked all coworking space openings for 10 months, from June 2018 to April 2019. It ranks major cities around the world based on the number of days between new space openings.

London topped the list, with a coworking space springing up in the U.K. capital every five days, followed by New York (7.5 days), Toronto in Canada (13 days), Austin (15 days) and Denver (16.8 days), both in the U.S.

The top 10 was dominated by seven American cities, reflecting the wide popularity of the coworking space concept in almost every city in the U.S.

The report says Vietnam came in 31st among top 50 global economies with the highest growth in per capita coworking space numbers.

Luxembourg, Singapore and Ireland were the top three countries, with the first chalking up 8.5 new spaces annually for every 1 million inhabitants, almost double the following two.

Vietnam has seen the coworking space market expand in recent years. Major local operators like Toong, UP, Circo and Dreamplex are all expanding at an accelerated rate, and the number of smaller operators with just one venue is also increasing.

As of April last year, there were 23 coworking operators in Vietnam managing a total of 34 spaces, according to real estate consultants CBRE.

Nguyen Hong Hai, CEO of office rental service Pax Sky, said coworking spaces are now popular because the supply of office space in HCMC’s central districts fails to meet demand of the rising number of entrepreneurs choosing to base themselves in the city.

Hai told VnExpress that grade A office space in the city costs $50-60 per square meter plus taxes a month, and grade B office space, $22-30.

But occupancy rates of over 95 percent mean customers have to wait for a long time to find a good place, he said.

There is still a lot of untapped potential in the coworking industry in HCMC because of its very vibrant entrepreneurship scene, he added.