Rents are on the increase in Hong Kong as the city continues to grow as an international business powerhouse.
Those looking to lease office space can expect to pay more as office rents continue to escalate this year.
However, office space innovation in the city is getting ready to take another leap in a different direction making office space accessible in some of the more affluent areas while creating opportunities in places radiating out of Central District.
Coworking in Central is still highly sought after, even in a commercial real estate market that seems to be decentralising.
Causeway Bay, in fact, is becoming an enclave of coworking spaces that can be another destination for businesses who want to adopt this very popular workspace style.
As the coworking industry continues to grow worldwide, Hong Kong’s landscape is finding new routes to take this ingenious workspace concept.
Let’s take a closer look at the coworking landscape that exists in Hong Kong in 2019.
Coworking Presence In Hong Kong
More than ever, coworking is making its presence and impact known in the city.
In fact, coworking has been at the core of this current movement, which are placing traditional establishments against other more unconventional office space concepts.
In December of last year, even in the midst of a slump, coworking operators thrived. This success signalling that not only is the concept a popular one, but it is one that continues to grow.
The area is experiencing a number of transitions. Bridges are being built in various parts of the city, which is also influencing this trend.
While Central District still holds a certain attractiveness for business, many businesses are looking outside of this financial district, which has been a traditional finance centre for decades.
Causeway Bay and other areas are places that businesses are flocking to for a number of reasons, including lower cost leasing options.
Focus On AI
Hong Kong’s workspaces are moving toward AI. AI integration seems to be moving in a few directions.
The first is related to the managing of business affairs in the office, namely managing inventory and invoicing.
Then, some spaces are exploring incorporating chatbots to assist community members.
Ultimately, many coworking spaces are exploring or already implementing ways to include intelligent assistants to make the space run more productively.
Focus On Diversity
Coworking has evolved and the current version of this workspace style is focusing on promoting spaces that are diverse.
With inclusion as a mission, freelancers and other smaller businesses will have more opportunities to engage with larger companies.
This can be seen simply through large corporations being attracted to the concept of activity-based working and adopting some parts of the coworking model.
Hong Kong is a great example of how the international business should play out in the world economy.
The focus on mixing large businesses with smaller ones, including start-ups, is sure to create an atmosphere that further establishes the coworking model in the city.
Focus On Work/Life Balance
As more women enter the workforce, coworking managers are recognising the need to include options that can make work more convenient.
In addition to some spaces being opened 24/7, many are recognising the need for daycare facilities, as business places more demands on working parents.
This can be seen in the number of day care facilities that are also a part of the Hong Kong coworking scene.
Your 2019 Guide To Coworking Hong Kong
Those choosing to work in the Hong Kong will find that while opulence is a part of the business culture they can find some practical solutions to their office space needs.
Whether working in the Central District or in other areas, coworking this year not only promises to bring new inventions but some interesting amenities.
Moreover, as the trend for larger business to adopt the coworking style continues, smaller businesses will benefit from the interaction within the coworking space and the landscape will encounter another evolution in the workspace.