12th October 2022 – (Hong Kong) As the gateway between Europe and Asia, Hong Kong is one of the world’s premier business and finance hubs. With new office spaces popping up regularly, it can be tricky to identify the option that best addresses your business’s unique needs. As such, there are a few key things to consider before moving into your dream office space.
What to Consider When Renting Office Space in Hong Kong?
When searching for the ideal office space, it’s important to take the following into account.
Renting an office space in Hong Kong is dependent on what a realistic budget is for you. For example, in prestigious locations, such as Central, rents for Grade A office spaces can skyrocket as high as HK$1,087 per square metre. Alternatively, up-and-coming business centres like Kwun Tong and Kowloon Bay offer much more affordable rates at HK$347.
The number of employees you have will directly impact the size of your office space. Make sure you allot enough spaces for work stations, a pantry, meeting rooms, and any other facilities that your business requires.
Almost all business districts on Hong Kong Island are serviced by the MTR, trams, buses, and taxis. Ferries also operate in Central, Wan Chai and North Point. In Kowloon, you can utilise the MTR, buses, and taxis. The ferry also services Tsim Sha Tsui and Hung Hom. As for the New Territories, buses and new MTR lines – like the Tuen Ma line – offer greater accessibility.
Where to Find Office Spaces in Hong Kong?
Depending on the type of business you operate, certain districts will be better suited to meet your business needs.
Ideally, you will want to be conveniently located in areas such as Central, Admiralty, Wan Chai or Causeway Bay.
Science Park and Cyberport are the two most renowned start-up hubs in Hong Kong, with rents subsidised by the government. Other areas are also becoming gentrified, start-up friendly and more affordable. These include Cheung Sha Wan, Lai Chi Kok, Tseung Kwan O, Quarry Bay, Tsuen Wan and Sha Tin.
If you are looking an industrial district with larger floor space, consider Kwai Chung, Kwai Hing, Chai Wan, Tai Po, Yuen Long and Kwun Tong.
How Much Does It Cost to Rent an Office in Hong Kong?
Though space has always been a premium in Hong Kong, 2022 may be the best time to move into your dream office. In comparison to the 2nd quarter of 2019, which marked the peak of Hong Kong’s office market value in two decades, prices have fallen drastically. With a 27% drop since 2019, there is a high chance that your business may be able to afford a larger space now.
Bearing in mind the volatility of the market, here is a good gauge of how much you might expect to pay for Grade A offices in a few key business districts.
- Central: HK$1087/m²
- Sheung Wan: HK$882/m²
- Wan Chai / Causeway Bay: HK$741/m²
- Yau Ma Tei / Mong Kok: HK$650/m²
- Tsim Sha Tsui: HK$521/m²
- North Point / Quarry Bay: HK$513/m²
- Kowloon Bay / Kwun Tong: HK$347/m²
The Process of Renting an Office in Hong Kong
Once you are ready to acquire a new office, follow these simple steps to ensure you make the right decision.
Know your budget and stick to it: Don’t forget that renting an office in Hong Kong is more expensive than other parts of the world (even in today’s market) so plan your budget thoroughly. To control your budget, you can hire a provider like Compass Offices to rent an office in the city, with reasonable cost and a lot of amenities. That will be the easiest way to find a workspace in a convenient location.
Pinpoint a location that suits your business: Keep the size of your office and business type in mind and consider if the location will be convenient for your employees. Main business districts in Hong Kong like Central, Sheung Wan, Causeway Bay or Tsim Sha Tsui have plenty of office spaces to offer.
Conduct a viewing: This will help you confirm that the space is not dilapidated or misrepresented. Also, you will easily be able to sit if your whole team will fit in the workspace.
Sign the contract: Always make sure there is a written contract and carefully read through the terms and conditions.
Start moving in: Give yourself enough time to move in and ensure you have budgeted enough for furniture, decoration and moving costs. With business centres, note that offices are ready to move-in, which is quite convenient if you need to find an office space rapidly.
Pick an Office that Grows with You
A final thing to check before you confirm your new office space is whether there is enough space for you to grow. Keep in mind that your business may expand quickly and moving often from space-to-space can be very expensive. It’s always important to plan ahead so your office can facilitate your growth.