The demand for office space is rapidly expanding in Hong Kong’s business districts. Office buildings owned and constructed by developers are booked before they are even finished, but coworking facilities, or shared workspaces, are rising in popularity as a result. Coworking spaces, commonly called shared offices, are places where workers from different firms can congregate to complete their tasks.
They feature open areas, shared offices, telecommunications equipment, and cutting-edge meeting places available for short-term use. They can serve as a hub for startups and small to medium-sized businesses, online professionals, freelancers, and small teams working on projects.
People feel tired and bored in their familiar surroundings and have lost interest in the traditional corporate culture at their place of employment. The following are some advantages of coworking spaces and shared offices:
It is cost effective
By renting a shared office space, you can have an excellent work location in the middle of a busy metropolis for less than the price of a typical office. By taking advantage of shared workplaces, your firm can also avoid the expense of long-term office space maintenance. Amenities like wireless internet, functional landlines, a receptionist, a well-stocked pantry, printing, copying equipment, and even courier services are standard in shared offices.
The cost of furnishings, interior design, and upkeep is lower when using shared office spaces than renting a typical office. This is because the cost can be distributed among many users and usually includes the amenities and services. Therefore using a shared office is more economical.
Location preference and accessibility
Do you prefer to work near the city center, where most businesses are, to grow your network? Or is a coworking space close to your house sufficient if you only need a quiet area to focus on your work?
For the busy millennial workforce, shared office spaces’ proximity to important transportation hubs and retail and entertainment destinations is a significant selling feature. Additionally, since many coworking spaces are situated in prominent business areas, it increases the prestige of small enterprises and startups.
Flexibility
The lease terms for shared offices are variable, allowing users to hire the space on a daily, monthly basis, or as needed. You can decide whether to hire by the hour or on a particular day. This is useful if you want to meet with clients in a professional setting with facilities. Depending on the rental package, you can sign up for a monthly, quarterly, or yearly membership.
This is perfect for those whose demands change frequently, such as freelancers, new firms, or startups. They can avoid paying for a space they won’t utilize and rent more shared space if they need to grow. Therefore, it works well for people who require flexibility and who do not demonstrate to be under financial stress.
Services and amenities
Shared office spaces frequently have a range of top-notch amenities, including conference or meeting rooms, break areas, phone booths, power backup recreation areas, printing amenities, high-speed internet, and culinary facilities. For instance, any business, big or small, needs the internet to function. Renting office space in a shared office makes the most sense because every room is wired for high-speed internet and phone lines.
An incredible way to save time when relocating is to launch a business without waiting for internet access. The cost of renting often includes access to these amenities, which are open to all tenants. Additionally, using shared resources can split the entire cost, and everyone can benefit.
Productivity
Anyone who has done long-term work from home knows how challenging it is. The warm environment and abundance of distractions obfuscate the boundaries between your personal and professional life. Working in a coworking environment solves this problem. You can focus and work effectively while you’re at work and relax and reenergize when you go home. According to one study, employees who use coworking spaces are 74% more productive, creative, and collaborative.
Shared office spaces are created to be productive with ergonomic furniture, natural light, a welcoming environment, and facilities. Businesses may become more effective and productive as a result of this. The presence of like-minded individuals also fosters creativity and productivity. According to another study, employees who work in coworking spaces express significantly higher levels of job satisfaction than those who work in traditional offices.
Professional setting
Shared office spaces provide a professional setting for workers, which is advantageous for companies that may lack the means to establish a professional workplace. For instance, some service providers offer specialized live-call answering, which means you’ll have a person who will handle your calls professionally and effectively represent your business to your clients and prospects.
And it’s only one of the several prospective commercial services that a corporation might get in shared offices. Additionally, receptionists can occasionally manage deliveries and visitors. That location can encourage creativity, growth, and new ideas in the best setting.
Potential networking opportunities
Shared office spaces gather various people and companies in one location, opening up networking and teamwork opportunities. Working in a shared office allows people and groups from different organizations to interact and collaborate with those who share their profession. These places promote networking and cooperation to share knowledge, establish coalitions, and produce new business leads and referrals.
Many coworking spaces organize activities and offer resources like workshops, networking opportunities, and training sessions that can aid in the success of enterprises. This might result in interaction with like-minded individuals, new company prospects, clientele, and unrestricted growth.
Security
Shared office space providers usually incorporate solutions to address security concerns because it is a big concern for organizations on many levels, from protecting physical assets to securing buildings and the internet.
The bottom line
Coworking spaces are becoming more popular, which is advantageous for tenants and landlords. Small firms and startups stand to gain by cutting costs so they continue to grow and eventually discover the need to hire a complete conventional office space. In contrast, rental companies stand to gain by expanding their market to meet the wants of a growing Hong Kong workforce. It is a new workplace trend that is drawing a lot of young minds.