Hong Kong’s hybrid work spaces are in demand, although companies want to go back to the office.
As the city attracts several international businesses, office species are always in demand. So, flexible office space operators are expanding in Hong Kong. Especially after the pandemic isolation, the idea is to improve design and spaces to attract more professionals. For example, Singapore-based flexible office company The Great Room opened its second location last month. In the heart of the CK Asset Holdings‘ Cheung Kong Centre, the 21,000-sq.-foot space promotes a flexible work culture and innovative equipment to work from home.
Or, hybrid working space provider IWG expanded its Hong Kong location in four new centers, providing 900 workstations and 70 private offices. As IWG Hong Kong and the Greater Bay Area country manager said: “Businesses are increasingly moving away from long-term, fixed leases and instead opting for shorter-term agreements and co-working space.”
The rise of hybrid work spaces is growing despite record office vacancy rates in the property market. For example, commercial real estate brokerage Colliers said vacancy rates reached 12.6% in the third quarter. Or according to Cushman & Wakefield, average office rents went down 29% from their peak in April 2019.
So, hybrid office spaces will likely be a convenient solution for employees and employers.