{"id":27923,"date":"2016-09-30T17:36:26","date_gmt":"2016-09-30T10:36:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-could-be-the-perfect-solution-to-hong-kongs-pricey-office-leases\/"},"modified":"2016-09-30T17:45:42","modified_gmt":"2016-09-30T10:45:42","slug":"this-could-be-the-perfect-solution-to-hong-kongs-pricey-office-leases","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-could-be-the-perfect-solution-to-hong-kongs-pricey-office-leases\/","title":{"rendered":"This could be the perfect solution to Hong Kong\u2019s pricey office leases"},"content":{"rendered":"


\nThe island\u2019s office sector is in for a shakeup
\nNeon lighting of HSBC headquarters in Central, Hong Kong. YIUCHEUNG YIUCHEUNG \/ Shutterstock.com
\nHong Kong\u2019s office sector is in for a shakeup as a new co-working space player comes to town with a subversive proposition.
\nTaking cue from hotel booking sites \u2014 it bills itself the \u201cExpedia of offices\u201d \u2014 The Work Project offers co-working space in Causeway Bay with rates that vary every month according to demand. Occupying four floors of the Midtown Soundwill Plaza 2, The Work Project\u2019s Hong Kong space can accommodate more than 300 people across 74 private offices and 80 hot desks.
\n\u201cWe don\u2019t want to be just another co-working space,\u201d Junny Lee told the South China Morning Post. \u201cWe want to help companies lower the monthly committed rent.\u201d
\nThe choice of Hong Kong as the first area of service for The Work Project is not arbitrary. Office leases in the Chinese SAR rank among the world\u2019s priciest, with prime space being rented out for an average of USD278.5 per square foot per year, according to Knight Frank\u2019s most recent Skyscraper Index.
\nMore: The traditional office is dying out in Asia
\nLee hopes to differentiate his company from typical co-working space providers with more transparency on pricing and inventory, similar to hotel reservation sites. \u201cThe world has moved on but office leasing remains in the Stone Age,\u201d Lee said.
\nInflexible office leases and other overhead costs cause the average monthly rent paid by companies per employee in Hong Kong to soar to HKD10,000 (USD1,300), Lee told the Post. With a six-person office and four hot desks on The Work Project, for example, that number can drop to HKD6,600 (USD850) a month for 10 employees, he claimed.
\nCo-working arrangements are growing in popularity in Hong Kong. WeWork leased to HSBC last week around 300 hot desks at Tower 535 on Jaffe Road, the largest corporate tenancy in a Hong Kong co-working space to date.
\nRead next: Sell Hong Kong real estate stocks if Trump wins, fund manager advises
\n
\nSource : property-report.com
\nRead more…This could be the perfect solution to Hong Kong\u2019s pricey office leases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The island\u2019s office sector is in for a shakeup Neon lighting of HSBC headquarters in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-27923","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7gn","jetpack-related-posts":[{"id":119552,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-property-developers-expand-into-co-working-sector-as-demand-for-proper-offices-dwindles\/","url_meta":{"origin":27923,"position":0},"title":"Hong Kong property developers expand into co-working sector as demand for proper offices dwindles","date":"December 16, 2020","format":false,"excerpt":"\r Hong Kong\u2019s property developers are expanding to the co-working sector amid dwindling demand for proper offices, even though some major operators have surrendered office space or exited the city altogether.\u201cThe serviced offices sector continues to evolve as landlords are now entering the market in direct competition with established players,\u201d\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115188,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/worlds-costliest-offices-are-poised-to-enter-tenants-market-as-hong-kong-businesses-reel-from-coronavirus-protest-movement\/","url_meta":{"origin":27923,"position":1},"title":"World\u2019s costliest offices are poised to enter tenants\u2019 market as Hong Kong businesses reel from coronavirus, protest movement","date":"March 27, 2020","format":false,"excerpt":"\r Hong Kong\u2019s notoriously pricey office rental sector is fast becoming a tenants\u2019 market as last year\u2019s protest movement and the current coronavirus pandemic have prompted struggling companies to bail on their leases.A huge increase in firms, from co-working space providers to finance companies and retailers, abandoning their offices before\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73818,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-tenants-continue-their-march-into-hong-kongs-premium-office-space-driving-up-rents\/","url_meta":{"origin":27923,"position":2},"title":"Chinese tenants continue their march into Hong Kong\u2019s premium office space, driving up rents","date":"December 6, 2017","format":false,"excerpt":"\r Chinese companies continued their march into Hong Kong\u2019s commercial space in the first three quarters, pushing the cost of renting offices in the city to the world\u2019s highest in square footage terms, according to property consultant JLL. Tenants with home bases in mainland China took up 48 per cent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32421,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-finance-sector-may-need-another-5-million-sq-ft-of-office-space-over-next-decade-jll-says\/","url_meta":{"origin":27923,"position":3},"title":"Hong Kong\u2019s finance sector may need another 5 million sq ft of office space over next decade, JLL says","date":"October 31, 2016","format":false,"excerpt":"\r Hong Kong\u2019s financial services sector will require up to 5 million more square feet of office floor space over the next 10 years, driven by the growth of mainland Chinese banks, a new report says. The office space demand stems from the 55,000 jobs in financial services that may\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55241,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parking-is-prime-in-hong-kong-property-market\/","url_meta":{"origin":27923,"position":4},"title":"Parking is prime in Hong Kong property market","date":"May 18, 2017","format":false,"excerpt":"\r The most expensive plot of land ever sold in Hong Kong is a public car park squeezed between Cheung Kong Center and Hutchison House, two major flagship buildings owned by the city's richest man Li Ka-shing.The HK$23.3 billion (Dh10.99bn) site at Murray Road, in the heart of Hong Kong's\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119586,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/australian-co-working-firm-victory-offices-exits-hong-kong-after-closing-sole-location-at-the-center\/","url_meta":{"origin":27923,"position":5},"title":"Australian co-working firm Victory Offices exits Hong Kong after closing sole location at The Center","date":"December 22, 2020","format":false,"excerpt":"\r Hong Kong\u2019s Covid-19-hit economy has claimed another co-working office space operator.\ufeffVictory Offices, an Australian firm, has pulled down the shutters on its Hong Kong operations just over a year after its launch. The company has closed its 25,000 sq ft space on the 76th floor of the iconic The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/27923"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=27923"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/27923\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=27923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=27923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=27923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}