As Hong Kong emerges from pandemic isolation, providers of flexible workspaces are growing in order to take advantage of the changing nature of the workplace.
Based on Nikkei Asia reports, they are making these moves despite an oversupply of office space caused by new buildings entering the market and businesses consolidating or departing Hong Kong due to the weak economy and stringent COVID regulations.
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Singapore-based premium co-working space debuts in Hong Kong
The Great Room, a premium coworking space operator with offices in Singapore, has infused One Taikoo Place in Hong Kong with its distinct brand of hospitality-inspired culture.
Renters may work in the 24,000 sqft space, which is painted in neutral earth tones and draws influence from upscale hotels and business clubs. This setting is meant to assist tenants to find the ideal balance between efficiency and creativity.
Jaelle Ang, CEO of The Great Room, mentioned that in an expensive city such as Hong Kong, it becomes even more important to make every dollar count. Flexible spaces such as The Great room can allow companies to fully use their operational cost on delivering impact for business interactions, employee engagement, and productivity.
The pandemic forces companies “to really cater to that hybrid working plus the wellness element,” Ang told Nikkei Asia.
The facility should reach 90% occupancy within a year due to the great demand, according to Ang, who declined to say how many tenant agreements had been inked.
The role of the office is no longer simply a place to work, but a communal space enabling collaboration, fostering innovation and supporting high-performing teams
Alex Barnes, managing director at JLL in Hong Kong
A flexible workplace makes property and assets more attractive to tenants
The brokerage of commercial real estate According to Colliers, a surge in Grade A office space caused vacancy rates to increase to 12.6% in the third quarter of this year. According to statistics from Cushman & Wakefield, total office rentals for the quarter were down 29% from their peak in April 2019.
In the two years leading up to 2024, Hong Kong will add 8.2 million square feet of Grade A office space, according to statistics from commercial real estate firm CBRE.
Based on Fiona Ngan, head of office services at Colliers comments, Central is still the primary CBD in Hong Kong, but they see that occupiers changing their approach as their business needs change. Flexible working has provided the tipping point of these processes.
With the vacancy rates in premium office spaces keep rising up despite the Hong Kong government’s effort to revive the city’s status as an international hub, landlords are more receptive to working with flexible working spaces to create an inviting workplace.
In the face of global economic uncertainties and hybrid work becoming more popular, some tenants are turning to spaces that offer more flexibility. This has supported the expansion of flexible offices in the city,
Alex Barnes, managing director at JLL in Hong Kong
According to a CBRE poll conducted in May, as COVID-19 rules are relaxed around the region, roughly 60% of Asia-Pacific enterprises anticipate a hybrid of working from home and office hours.
Prepare your office for 2023
There are practically no restrictions on how the trends in offices may help you now and in the future as long as smart technology solutions continue to advance.
Smart office systems have the potential to enhance every aspect of the workplace, including productivity, health and safety, host desking, and employee well-being.
Employing a skilled installer who can create and deploy a unique smart office system tailored to your company’s needs is essential if you want to take full advantage of what smart technology has to offer.
Contact us: hello@ones.software, or visit ONES Software official website for more information: https://ones.software/.