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Tag: coworking

  • Your Ultimate Guide to Find the Right Office without Headaches

    Your Ultimate Guide to Find the Right Office without Headaches

    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.

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  • Covid hits coworking office space rents in HCMC

    Covid hits coworking office space rents in HCMC

    Rents for coworking office space in HCMC decreased 12 percent year-on-year last year due to the impacts of the Covid-19 pandemic, a report says.

    The occupancy rates of coworking office space in Grade A and B buildings last year plunged by 7 percentage points as its supply experienced the lowest growth since 2017 to 6 percent, according to a report by Savills Vietnam, the leading global property services provider.

    The gloomy outlook for the coworking space market, which boomed in the country between 2017 and 2019, has prompted investors to cancel expansion plans.

    The New York-based co-working startup, WeWork, the third-largest startup in the U.S. and the sixth-largest in the world, stopped leasing an office in HCMC’s District 1 while UP Co-working Space, headquartered in Hanoi, also postponed its plan to open two new offices in District 7, the report says.

    The number of newly registered coworking companies in the country also dropped by 6 percent.

    “2020 was a challenging year for both traditional and shared office segments. The market has been seeing a number of tenants turn to lower-priced office buildings and shophouses to cut down on rental costs in order to maintain their business,” said Vo Thi Khanh Trang, head of Savills Vietnam’s market research department.

    While the traditional office space has shown signs of a slight recovery in late 2020 thanks to better containment of the Covid-19 outbreaks in Vietnam, the shared workspace business has yet to see similar positive signs, Trang said.

    Before the Covid-19 pandemic broke out in Vietnam in January last year, co-working spaces had expanded in HCMC’s central districts since the limited traditional office space there was unable to meet burgeoning demand.

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  • JustCo turns to malls for co-working locations

    JustCo turns to malls for co-working locations

    Coworking space provider JustCo is turning to shopping malls as it looks to double its Asia-Pacific presence this year.

    The firm stands poised to launch its services in Singapore’s The Centrepoint mall as well as Amarin Plaza in Bangkok, its fourth space in Thailand. JustCo is already operating from Marina Square in Singapore.

    “Malls in the city see an annual footfall of over 30 million compared to approximately 120,000 in an office building in the CBD,” said JustCo’s founder and CEO Kong Wan Sing on the opening of the 60,000sqft location at Centrepoint. “We believe that there is a huge untapped opportunity in the retail space segment.”

    Centrepoint, JustCo’s 14th location in Singapore, will be the first to incorporate the firm’s data analytics and other enhanced proprietary technologies, including a robot butler, access by facial recognition, and a digital Wayfinder.

    The Amarin Plaza centre will have the capacity to host 1000 members and will open in the third quarter.

    Buoyed by consistent demand, JustCo has expanded the total area of co-working spaces it manages by more than 150 percent year on year, and doubled the number of enterprise clients served across the markets it serves. It currently manages 42 centres across eight cities.

    “Our greater purpose is to build a mega-network and community within and across markets – one that helps companies and individuals realize the synergies, efficiencies and opportunities of a shared workspace,” said Kong. “In just over a year, our member base has grown by 100 per cent and this is set to grow further with changing workforce demographics.

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  • WeWork to open 2 coworking offices in HCMC

    WeWork to open 2 coworking offices in HCMC

    Coworking startup WeWork plans to open two more offices in Ho Chi Minh City’s District 1 this month. One of them will be at Lim Tower 3, and rents will start at VND6.9 million ($297) per month for a single-seat, according to the company’s website. Another will be on Sonatus Building, with prices starting at VND7.8 million ($336).

    The New York-based startup opened its first working space in the city in District 4 in March. WeWork’s move comes in a market that has some serious players with a lot of locations.

    Vietnam’s Toong, backed by private-equity firm Indochina Capital, has 12 locations besides one each in Laos and Cambodia.

    Hanoi company UPGen, with funding from Singapore PE firm Northstar Group last year, has 13 offices in Hanoi and HCMC.

    Coworking spaces are becoming popular in HCMC’s central districts since the limited traditional office space there is unable to meet the burgeoning demand.

    As of the end of September, coworking companies had rented 52 percent of all office space in the central area, including in under-construction buildings, according to a report by real estate firm Savills Vietnam.

    HCMC has been ranked the 41st fastest-growing coworking markets in the world this year by consultancy Co-working Resources, which said a new coworking space opens in the city every 47.5 days.

    WeWork has added 114 new sites in the past four months, according to its website, and is planning to open another 208 in the next few months, bringing its total number to 850.

    The announcement came in the backdrop of the company’s failed IPO amid investor concerns that its valuation was inflated.

    WeWork owed $18 billion in a long-term lease at the end of June and is expected to lay off 4,000 of its more than 12,500 employees

  • The We Company Debuts Made by We

    The We Company Debuts Made by We

    Co-working firm The We Company (previously WeWork) has opened a retail venture and public workspace in New York. The Made by We retail space, cafe and workplace can be used by anyone without the need for a membership, with workstations and meeting rooms available for rent by the minute. The work space features products made by current WeWork member companies available for sale, from apparel to snacks to audiotech gear. It also houses a Bluestone Lane cafe.

    While headquartered in New York City, The We Company has WeWork shared office spaces in major cities across Mainland China, Japan and India, as well as in Ho Chi Minh City, Singapore, Jakarta, Kuala Lumpur, Manila, Busan, Seoul and Bangkok.

    “Made by We was launched with a vision to connect the We community with the rest of the world, and provide people with the best on-demand workspace, services and products, no membership required”, said company partner Julie Rice.

    “Everything we do at The We Company, from the spaces we curate to the service offerings we provide, is intended to create meaningful human connections.”

    View the gallery below for pictures (7 images) :

     

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  • Chinese co-working space operator opens second Singapore hub

    Chinese co-working space operator opens second Singapore hub

    Prominent Chinese co-working space operator UrWork is opening a second Singapore location in the first quarter of next year. The company, which is backed by Alibaba’s Ant Financial and Sequoia Capital among others, launched its first overseas branch at Ayer Rajah Crescent in July. Its new outlet will be at Suntec City and is part of the firm’s efforts to become a bridge between South-east Asia and China, founder and chief executive Mao Daqing said.

    Beijing-based UrWork, which has been billed as China’s answer to Silicon Valley co-working giant WeWork, has been valued at about US$1.5 billion (S$2 billion).

    It has 100 co-working sites in 33 Chinese cities and is the country’s largest co-working space operator.

    The company plans to expand globally into 35 cities with 160 locations over the next three years.

    To stand out in the increasingly crowded co-working market, UrWork positions itself as a provider of key services to start-ups looking for global growth.

    It runs a series of acceleration programmes to help new firms scale, and has also developed a proprietary scheme partnering Chinese government agencies and service suppliers to help foreign start-ups enter the Chinese market.

    Its second location in Singapore will span 1,300 sq m in Suntec City and will take in South-east Asian start-ups looking to expand into China, as well as Chinese firms keen on growing in the region.

    UrWork also invested in Jakarta-based co-working space Rework earlier this year as part of its regional strategy.

    The company signed a memorandum of understanding with trade agency IE Singapore and property giant CapitaLand last December to help Singapore firms break into the China market by offering co-working spaces as well as business advisory services.

    South-east Asia has become a market with plenty of opportunities for investors in China “due to a strong supply of high-potential tech start-ups, big market volume, surging amount of freelancers, low operational cost and high rate of digital penetration”, said Mr Mao.

    “As a Chinese home-grown company, we know the needs of Chinese entrepreneurs in China and overseas, laying a solid foundation for our fast-scaling and service integration,” he added.

    Key sectors of interest for UrWork in Singapore and South-east Asia include artificial intelligence, the Internet of Things and fintech, Mr Mao said.