Finding an Office Space for Startups in Hong Kong
5 minute read
Hong Kong is a popular destination in Asia-Pacific to setup a company for both the domestic and regional markets. A transparent legal system and open financial system provide a solid operating environment for companies.
Hong Kong is a high-cost real estate market – regularly topping the list of most expensive office markets globally. Setting up a physical office space can be a costly exercise if not done correctly. Typical minimum terms for office leases are 2-3 years and the tenant will generally be required to invest in office design and fitout.
There is a way to minimise the cost of a new office while still retaining the flexibility to scale up or down as your needs change. Flexible Offices, which includes Coworking, Serviced Offices and Managed Offices, provide a cost-efficient path to establishing your office in Hong Kong. The Flexible Office market in Hong Kong is mature and provides options across all major business districts and price ranges. We will explore how you can find the right Flexible Office space for your company.
How can Flexible Office space help you
Across all Flexible Office options, the key benefits include shorter minimum commitment term (as little as a month), fully fitted spaces (plug-in and go) and all costs rolled into a monthly membership fee.
Taking space under a Flexible Office model frees you from spending time on the more mundane office management needs such as cleaning, security, facilities, and building management communication. A Flexible Office operator will take care of all of these, freeing up your time to focus on your business growth.
Beyond the hard benefits of Flexible Office space, the soft benefits include being part of a community of like minded companies ranging from Startups right through to established MNCs. As a new setup, gaining access to an existing community can help with networking, getting feedback on your products/services and attracting talent to join your company.
The process of finding your perfect Flexible Office space
Firstly, it is vital to understand your specific office requirements, including how many staff you will need to accommodate on day 1 and how this may change over 6-12 months.
Undertake a simple review of the location of your key clients and partners and how important physical proximity is to them for meetings. This will give you an idea of preferred locations to start the search. Given the convenience of travel within Hong Kong, most locations will be suitable, but it’s good to have an idea of where to start.
If you have a budget and timeline in mind, these will drive the process and help to filter the available options.
At this point, or even earlier, you should get in touch with a dedicated Flexible Office advisor to help frame your requirements and offer initial insights on the market, pricing and availability. Hong Kong is a dynamic market and Flexible Office space Operators may have specific spaces which are a good fit but not widely advertised.
Your advisor will put together a range of options that meet your criteria and provide crucial qualitative comments on locations and operators so you can get realistic feedback on potential commercial terms available.
Up next will be arrangement of tours to view the proposed options. Tours will not only let you see the physical space but also get a feeling for the energy and vibrancy of the community and shared working environment. Some Flexible Office spaces are very energetic (bordering on noisy) while others are much quieter and focused. The right space for your company should align with your working style and culture.
Your advisor will be the key to manage the process of requesting offers, providing feedback and opinion and ensuring you secure the best terms and meet your budget and timeline goals. To understand more about your options or simply learn more about the market and process please get in touch.
This guest post is brought to you by our friends at Instaprop, an online platform to find Flexible Office space and manage the entire transaction process, ensuring you secure the right space for your business at the right price.