Hong Kong is one of the most competitive markets in the world when it comes to locating office spaces. As one of Asia’s premiere business hubs and the world’s freest economy, many companies – both local and international – are all vying for the best office spaces. Here’s how you can ensure you don’t get pressured into renting an office space that’s not ideal for your business.
Setting a Reasonable Budget
Since Hong Kong is generally an expensive market when it comes to finding office spaces, expect to pay a premium compared to other destinations in Asia. This means that it’s acceptable to set aside a slightly larger budget for rent, but it’s always important to keep track of market trends and how property prices are performing. To this end, you can use statistics provided by the Hong Kong government to have a general idea of how different types of office properties – from private offices to factory spaces – are performing at any given year. Also keep in mind your overheads and profit margins when creating a budget for your office rent.
Types of Offices in Hong Kong
Office space in Hong Kong can be categorized into different types include:
Traditional Offices
Traditional offices are completely private spaces that are rented out or owned by a single company. These offices are great for companies with bigger budgets who rely on wowing clients with their office space.
Serviced Offices
With fully-private rooms to work in, but a shared common area beyond, serviced offices like Compass Offices are a good option for companies who want a premium office feel at a fraction of the price.
Coworking Office Spaces
Made up mainly of desks that can be rented, these spaces offer minimal privacy. Typically, coworking spaces are a great option for remote businesses or freelancers trying to keep their office budgets to a minimum.
The Best Hong Kong Locations for Your Office
Hong Kong has several distinct districts that all offer unique perks for businesses looking for great office spaces.
In Hong Kong Island you’ll find several of the city’s largest business districts like Central, Admiralty and Causeway Bay, which are ideal for offices that require a premium setting and feel.
Kowloon offers a mix of upscale offices and budget-friendly areas. Tsim Sha Tsui is perfect for high-end offices because of its proximity to Victoria Harbour. Meanwhile, districts like Lai Chi Kok and Sham Shui Po are great for companies looking for a bargain.
The New Territories offers cheaper rents and more space. For example, Tai Po and Tseung Kwan O are perfect locations for industrial companies.
Picking the Right Office Size
It’s important to consider what your plans are for future growth when selecting an office space. Since the market is so competitive for office spaces, it can be expensive and challenging to move to new spaces often. This is why it might be worth purchasing an office space that can accommodate more staff than you have currently if you plan on expanding.
Office Amenities and Perks
When searching for an office space, consider what additional benefits you get as part of the deal. Do you have a kitchen and pantry for your staff to prepare their lunch in? Are there a sufficient number of toilets for your employees to use? Are meeting rooms and furniture already provided? Ensuring that the right amenities are already in place can be a huge way to cut down costs when selecting your office in Hong Kong.
Avoid Awkward Layouts
Picking the right office space purely on square area alone is not sufficient for a positive working environment. If teams are forced to be split up because of a poor layout, it can lead to a decrease in productivity and ultimately, profits. Also consider things like natural light and how spacious the office feels. A good use of floorspace can sometimes make smaller offices seem even more spacious than poorly-planned larger ones.
Don’t Settle for Anything but the Best
Sometimes it’s worth being a little patient and not settling for an office space that you have to compromise on. Pick a space that suits your business needs as much as possible so you can rent the perfect office space the first time round and not have to spend extra on relocating regularly.