Having the right working environment can make all the difference to not only productivity and work ethic, but also improve office morale. Hong Kong has several business districts that could be interesting to set up your office, and whether you are looking to buy an office space or just want to rent, here is everything you need to know to find the right office the easy way.
Understand the cost and define your budget
Before you even start looking for an office space, you will need to decide on your budget.
Consider how long you will need the space; in most cases, the longer the stay, the better the deal you can negotiate. It is a good idea to do some research about the cost of office spaces in the city you are looking at. If you are looking for a serviced office, coworking space or hot desk, then you should expect to pay a “per seat” cost. With a traditional or creative office space on the other hand, expect to pay “per square foot”.
Indeed, according to Statista, during Q1 2021, the average Grade A office space in Central cost around HK$ 1000 Hong Kong dollars for 10 square foot (0.93 square metres).
The cost of an office space will also depend on a variety of things including location and providers. Depending on the number of staff you plan to have working in the office, your budget may also need to include things like a portion set aside for furniture and amenities.
Select the right office Types
Nowadays, there are a variety of different office types you should consider.
Traditional office
Traditional offices are what you think of when someone says “law firm”. They are designed with productivity in mind and often have each employee in their own private area, such as a cubical. They generally have a reception, boardroom, meeting rooms, bullpen and private offices. They are targeted toward companies with a lot of employees and typically require multi years leases.
Coworking spaces
Coworking spaces are designed to cater to freelancers or start-ups. There are often multiple businesses working from the same office, and space can be rented for as little as one day.
Serviced offices
Serviced offices are fully furnished spaces that are managed by a facility management company or office provider. These larger spaces are generally rented out as individual offices or entire floors to other companies for long periods of time.
Creative office spaces are a modern take on traditional offices. They also consist of a reception, boardroom, meeting rooms, bullpen and private offices and are targeted toward companies with a lot of employees. What sets them apart is the free-flowing nature of the office layout.
Choose a suitable location in Hong Kong
While there are various locations that can be suitable if you decide to set up your office in the city, in Hong Kong Island, three main locations stand out:
- Central : Located on the north shore of the island, the central district is popular with businesses in the financial sector, like banking. It has excellent transport options and is very well maintained. This comes at a cost, as it is the most expensive area to rent an office in Hong Kong.
- Wan Chai : Popular spot for small to medium size businesses thanks to its great amenities like transport options combined with its low to medium rental range, Wan Chai also has many parks and areas to take a break from working and enjoy lunch.
- Causeway Bay : The most important shopping district of Hong Kong is heavily developed and known primarily for its shopping district. There are many landmarks, restaurants, and shopping areas which makes it a popular spot for a variety of businesses.
Office Size
When looking for the right office, one of the main considerations should be how much space you need. Here are some questions you should pose to help you make the right choice:
- How many people will be working in the office at one time?
- Is your company getting ready to expand, and will the new space need to reflect this?
- What does your floor plan look like?
- Do you need to take into account space for adding amenities such as a kitchen or eating area?
Finding the right office space to rent in Hong Kong requires time and patience. There is a lot to consider, and in most cases, once you have signed a lease, you will be locked in for a certain period of time. Keeping in mind, the considerations above will streamline the process and help you find the right office for your needs.
