According to Instant Offices, although it is one of the most expensive cities for high-rise office rentals in the world, demand for office space inย Hong Kongย continues to soar. Despite being such a competitive market, research suggests itโs still possible for small businesses to secure affordable workspace in this thriving global hub.
With a highly diverse market and unrivalled manufacturing capabilities, Hong Kong boasts an economy that supports foreign business owners and entrepreneurs. As a major financial centre and travel gateway, its location in the heart of Asia makes it ideal for international trade and investments, and a sought-after location to set up a business.
To determine the affordability of SMEs setting up in Hong Kong, Instant has conducted an analysis of major business locations along commuter routes to determine the average cost-per- desk in each area, as well as the number of co-working centres per area.
With the average cost per desk per month ranging between HK$3,597 inย Wan Chaiย to HK$4,827 inย Sheung Wan, results suggest that if SMEs and entrepreneurs embrace alternative solutions to conventional office leasing, itโs possible to secure space in one of Hong Kongโs business districts.
Cost per desk at a glance
According to Instantsโ flexible office experts, there is an increase in the demand for office space in areas aroundย Kowloonย such asย Tsim Sha Tsui, due to the fact that Kowloon is generally more cost-effective thanย Central. With an average cost per desk of HK$12,198, co-working in Central has become a viable alternative for SMEs who want to set up alongside big players in the finance industry, as well as major corporations, with 46 locations in that area alone.
Locations across Hong Kong Island outside of Central such asย Admiraltyย andย Causeway Bayย are areas high in demand due to a well-established business infrastructure, while in Kowloon, which has around 70 co-working centres, Tsim Sha Tsui is considered a central business hub with desk costs averaging around HK$4,924.
Newly emerging centres such asย Kennedy Townย andย Sai Ying Punย are proving to be popular as alternative locations. It is inevitable that further expansion of alternative parts of HK will see growth to reflect the opening of newly built MTR lines as they open.
Companies looking for even more cost-effective solutions are steering away from prime locations and establishing themselves in more spacious areas in and aroundย Lai Chi Kok,ย Kwun Tongย andย Diamond Hill.
About The Instant Group
The Instant Group is the global flexible workspace specialist. Underpinned by unrivalled expertise, Instant tailors unique solutions to help businesses of all sizes to grow, drive savings or gain invaluable insight. Established in 1999, The Instant Group has achieved 23% compound growth over the past four years and continues to expand with private equity funding secured from MML Capital in 2012. With offices in London, Berlin, Dallas, New York, Hong Kong and Sydney, The Instant Group employs more than 100 experts and has clients in 113 countries. For more information, visit www.theinstantgroup.com
