Asian cities are catching up in offering co-working spaces with both local and foreign operators expanding their footprints aggressively.
HONG KONG – Unprecendented take-up
The Hong Kong market has moved quickly in 2016, the already record low vacancy in office space on Hong Kong Island at the turn of the year tightened further with unprecedented take-up from flexible workspace operators. WeWork successfully entered the market with a 93,000 sq. ft. transaction at Tower 535, swiftly followed by 59,000 sq. ft. in MassMutual Tower – both centres are now up and running and creating a buzz in the market.
Naked Hub entered the Hong Kong market in 2016, securing two sites – 60,000 sq. ft. in Sheung Wan and 12,000 sq. ft. in Soho. The Shanghai-based operator is aggressively seeking further sites with a view to going toe to toe with WeWork in the competitive Hong Kong market.
Regus has not yet brought their Spaces concept to Hong Kong but has developed their offering in the new Windsor House centre. However, they have exited their premium One IFC location, and this, coupled with The Executive Centre’s imminent exit from Hongkong Land’s Exchange Square, has reduced the footprint of flexible workspace in premium office accommodation. However, the global leader in premium serviced offices, Servcorp, has extended their leases in Two IFC and Hong Kong Club.