Serviced Offices have always been a hot commodity in Hong Kong. The rising density of businesses combined with an ever-decreasing amount of space has made for a huge demand for offices. Even during the global financial crisis of 2008 and 2009, investors and businesses were paying top dollar for space. Hong Kong is consistently ranked amongst one of the most desirable places to have an office. As a result, renting a serviced office space in Hong Kong is one of the biggest challenges faced by small to medium sized enterprises and start-ups that are just itching to join the bustling market of Hong Kong. Traditional office space is pretty much off the cards for most SMEs and startups which is why a serviced office provides all of the benefits of a permanent office without the overheads and capital costs for getting everything set up. Yes, a serviced office offers the best bits of renting a full service office with all the benefits of a flexible tenancy period and a prestige address for your business.
So what is a serviced office?
Also sometimes known as an executive suite – a serviced office as an office or an office building that is fully equipped and managed by a facility management service provider. They offer the space to rent without bonds or commitments to a lease, which is why they are great for start up businesses who are looking for an office in a prestige area without the commitment of a lease. Most of the serviced offices in Hong Kong are going to be found in the business districts of Central, Wan Chai, Causeway Bay, Tsmi Sha Tsui, Island East, Sheung Wan and Admiralty. A serviced office is a great option for a fledgling company. Let’s take a closer look at all of the other potential benefits to having a serviced office in Hong Kong.
One of the key problems that you face as a business owner is having to wait for a property to become available before you are able to move into it. With a serviced office you have no such problem! You can move into a property as soon as you need it without having to worry about furniture or anything like that! Simply bring your own laptops and you’re ready to go.
They’re all set up for you
A key part of having a start up business or a SME is that you need to keep the costs as low as possible. When you move into a serviced office, guess what? It’s all taken care of for you. Things like reception, office cleaning, IT support and maintenance, air conditioning, internet, lighting, conference rooms; they’re all part of the serviced office package that you get when you sign up for one in Hong Kong.
The costs are low
I know we’ve touched on this already, but when you get into a serviced office the costs are low because you don’t have to pay a bond or any kind of security for your property. This means that with minimal overheads you have more money left to spend on other business expenses that are more important for the growth of your company.
A great way to do business is with a short-term lease commitment, as it allows you to get in on the ground in Hong Kong and to see if it will work for you. If you work out that it will you can move into your own premises as soon as you need to without having to wait for a lease to end.
A prestige address without the price tag
When you’re a startup or a small business you need to keep the costs as low as you possibly can without blowing your budget. A great way to do this is with a serviced office which allows you to be flexible and practical without spending a lot of money on a space you may not suit.
Good luck finding the right space for your Hong Kong expansion.