Published: 10 Nov 2022
Updated: 16 Nov 2022
Category: Rental Office , Flexible Office Space , Serviced Office Space , Serviced Office , Flexible Workspace

How to Rent Office Space in Hong Kong

None

Whether you’re incorporating a new company or opening an office branch in Asia, Hong Kong is a stimulating place to do it. Businesses in the territory benefit from lenient taxes and free market environment, as well as a strategic Asia-Pacific location within a few hours’ flight from major Asia and European cities.

 

Why rent office space in Hong Kong?

Hong Kong attracts a lot of entrepreneurs, investment and foreign company registration because of its business-friendly tax policies (low tax rate and the rule that only income derived in the city is subject to tax), proximity to mainland China, nearly free port trade, and simple business registration process.

One of the first steps in operating business in Hong Kong is to find an appropriate workspace for your team. Fortunately, there are many flexible options catering to various contract terms, lengths, and budgets. Here is your complete guide to how to find great office space to rent in Hong Kong.

 

Tips for renting business space in Hong Kong

You’ll have a smoother time finding the most appropriate office rental if you remember the following points:
●    Use an agent to help you negotiate can help cut time cost and help you secure the choice lease.
●    Lease lengths for offices are typically two to three years long, but agile workspaces like serviced offices can be rented starting from one to two months.
●    Six to 12 months before your current lease ends, determine a timeline outlining the process from start to finish: research, search, site visit, choice, renovation, moving in.
●    Visit your top three choices to get a feel for view, natural light exposure, building amenities, and surrounding conveniences like restaurants, office supply stores, and banks.

 

Decide what office type you need

The first step in answering how to lease office space is to determine which type of office is appropriate. There are many reasons you could be looking for a new office space. Your current lease may be expiring, you may have decided your current rental contract isn’t budget-friendly, expansion, contraction, or relocation.
Flexible office space includes:
●    serviced offices,
●    shared offices,
●    and co-working spaces.

These workspaces allow tenants to be more agile because they are pre-furnished, come with business services like printing, call forwarding, and business address, and offer short-term leases ranging from a couple of months to one year.

Conventional office leases are not business-ready as they must be fitted out from scratch, and lease terms usually start at two years.

 

Decide how much space you need

The next factor that will help you decide how much budget to reserve is determining how much space your company needs. Take into account the size of your team now, but also do a five-year head count projection.

You can also conduct a space analysis, analysing how other tenants are utilising their office space. This will help you realistically use space effectively.

Take into consideration that serviced office providers allow you to painlessly grow or downsize, as rental cost is determined by number of workstations and your contract terms can be adapted to your needs.

Consider layout, essential vs. optional amenities

This ties in with using your workspace effectively for staff productivity and workflow. Determine if an open layout or modular layout with private offices is more suitable.

In a similar vein, make a list of building amenities considered essential and those considered optional. In the coming steps of finding a commercial building in your desired location, this will ensure you aren’t sacrificing amenities that your employees prefer, like open green space, collaboration areas, or covered parking.

 

Consider budget

Putting your budget down in black and white is an important step between deciding what you want your office to look like and location. It’s essential to balance these factors, as location drastically impacts rental price.

Do some research about the current market rate with your checklist of office type, building grade, number of desks, and amenities in hand. A real estate agent can help you navigate the market and make enquiries on your behalf, so that you end up with a portfolio of office buildings that fit within your budget.

The old saying is true: location is everything. Especially in a tight-knit city like Hong Kong where space is such a commodity, location will affect employee work-life balance and satisfaction, accessibility to clients and suppliers, and attract potential customers. Office rental prices in Hong Kong are the highest in business districts like Central, Admiralty and Causeway Bay.

Having said this, the territory’s sophisticated public transport system makes most locations in Kowloon and Hong Kong Island within 10 to 20 minutes away.

 

Choose location

The old saying is true: location is everything. Especially in a tight-knit city like Hong Kong where space is such a commodity, location will affect employee work-life balance and satisfaction, accessibility to clients and suppliers, and attract potential customers. Office rental prices in Hong Kong are the highest in business districts like Central, Admiralty and Causeway Bay.

Having said this, the territory’s sophisticated public transport system makes most locations in Kowloon and Hong Kong Island within 10-20 minutes away.

 

Consider lease term

With Compass Offices, you can choose a commitment term that best serves your needs. Whether you require a shared office space for just a few transitional months or rent a serviced office for half a year, the goal is to make office space one less thing you have to worry about.

Even if it turns out during your contract period you want to move into a larger office, a different business centre in Compass Offices’ network, or custom-make a tailored office, you can do so without a termination fee.

 

Factor in time for renovation

If you’re leasing a traditional office space that requires outfitting with electricity, air system, and furniture before resuming business, make sure you factor this into your move-in timeline. 

At Compass Offices business centres, you can move into your office immediately. Furnished offices and trained service teams ensure you don’t lose a day.

 

Make your employees feel at home

Finally, your staff should feel like the new office space is their own. With a great layout in place, activities like an office-warming party, complimentary beverages, and multipurpose third spaces for relaxing and collaborating will help your team feel at home quickly in their new flexi workspace.

Get in touch with a member of Compass Offices’ team to discuss the best tailored office solution for your incorporation at one of our 10+ business centres in Hong Kong, conveniently located in bustling financial districts.

 SIGN UP NOW!

For exclusive offers, the latest industry news, new openings, and more.

Location of interest: