Rents are on the increase in Hong Kong of the asian countries 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.
Co working in Central is still highly sought after, even in a commercial real estate market that seems to be decentralizing.
Causeway Bay, in fact, is becoming an enclave of co-working spaces that can be another destination for businesses who want to adopt this very popular work space style.
As the co working industry continues to grow worldwide, Hong Kong’s landscape is finding new routes to take this ingenious work space concept.
Let’s take a closer look at the co-working landscape that exists in Hong Kong in 2019.
Co working Presence In Hong Kong
More than ever, co-working is making its presence and impact known in the city.
In fact, co-working 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, co-working 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 center 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 work spaces 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 chat bots to assist community members.
Ultimately, many co-working spaces are exploring or already implementing ways to include intelligent assistants to make the space run more productively.
Focus On Diversity
Co-working has evolved and the current version of this work space 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 co-working 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 co working model in the city.
Focus On Work/Life Balance
As more women enter the workforce, co-working managers are recognizing the need to include options that can make work more convenient.
In addition to some spaces being opened 24/7, many are recognizing 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 co working scene.
Your 2019 Guide To Co-working 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, co-working this year not only promises to bring new inventions but some interesting amenities.
Moreover, as the trend for larger business to adopt the co working style continues, smaller businesses will benefit from the interaction within the co-working space and the landscape will encounter another evolution in the work space.