In places like London, New York, and Hong Kong, there is great potential to start a business simply because these locations have established industries in a number of fields. Even so, the cost to run a business in these areas is extremely expensive, especially in Hong Kong. In a city where the rents are high, the first inclination is to try to find a way to access needed resources.
In a place where the average resident is a millionaire, one can understand why office rents are high. However, even in this rich, diverse city, smaller businesses and professionals can find affordable office space. The coworking space, for one, is a great way for start-ups and SMEs to manage their overhead without depleting their budgets. Before setting up shop in any one of Hong Kong’s coworking spaces, businesses should take a few factors into consideration.
Let’s take a closer look at coworking in Hong Kong so you can make an informed decision before you choose a coworking space in the city.
While the cost to manage a coworking space is typically cheaper than leasing conventional office space, it still costs. Things that might affect the cost of joining a coworking space include both location and the types of amenities. As with any type of rental, the closer to the CBD the office is located the more likely coworking spaces will be more expensive. Furthermore, the types and range of amenities can affect the price of rent on a monthly basis.
The great news is that because of the way the coworking space is set up for businesses the value of coworking is still great when compared with conventional options. Most spaces cover everything including the amenities associated with running an office, in addition to having a busy social calendar. Whether you work in the Central District or in one of the spaces that radiate outward, the value is worth cost every month.
The coworking community is a very diverse, complex community. Those in search of the perfect workspace will find both the very relaxed and corporate spaces existing in the city. If looking to work in the business district, you can expect to be surrounded by the corporate attitude. Central District and Kowloon are two of the more widely known financial districts that house many international businesses, so if your business is in finance, technology, or media you might be comfortable in these settings.
Alternatively, coworking spaces near Causeway Bay and other popular areas outside of the financial districts cater to a more diverse professional. In these areas, there are coworking spaces that define themselves in a number of different ways. The great thing about coworking it gives businesses the chance to find a space that closely aligns with the mission of their own business.
The coworking landscape in Hong Kong has grown, and professionals might encounter spaces that offer a variety of amenities. Currently, the coworking landscape is seeing a crop of coliving and coworking hotels appear on the scene. These establishments are great for temporary workers who need overnight accommodations. Outside of these amenities, businesses might find some spaces are open 24/7, some offer changing rooms or showers, and some offering gym memberships.
If going through a serviced office provider, businesses might find that the leasing terms are more amenable. Typically, the leases are month-to-month, which allow businesses the flexibility to move if needed. Then, as stated previously, the monthly rates are lower depending on the plan with the hot desk being the lowest.
Coworking is definitely a staple in the Hong Kong business landscape. Those working in Hong Kong will find the city offers businesses a variety of office space menus to choose from, in addition to coworking. Whether working in the Central District or another location, coworking is an extremely viable solution for businesses looking to establish themselves in the city.
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