Dr. Gleb Tsipursky – The Office Whisperer
Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
Hong Kong’s coworking space rental costs are expected to rise as another wave of consolidation hits the region.
According to a report from Colliers, Hong Kong is already the most expensive market in Asia-Pacific with 141 shared offices, topping 14 other cities in the region.
Thomas Hui, CEO of coworking firm theDesk, said that premium rates are to be expected as the city leases some of the world’s most expensive office space and that the consolidation of operators would lead to less competition and higher prices.
“Longer term we expect the sector to consist of four to five global operators, some with multi-brand strategies to capture specific market segments, together with a range of smaller local and regional players,” according to the Colliers report.
While major operator WeWork recently acquired Shanghai-based Naked Hub, some operators are struggling. For example, Chinachem Group launched a $63.8 million lawsuit against Beijing-based coworking firm KrSpace claiming the firm backpedaled on a five year contract to take up seven floors at a Wan Chai building
In the next year, coworking space take up is expected to be at 400,000 square feet as the industry becomes more on demand-led expansion.
