Hong Kong has the 4th highest density in the world. The lack of land supply has created extremely expensive property prices, including the most expensive prime office per square foot in the world at US$278.50 a year, according to Knight Frank.
We have put together what we consider the best 3 neighborhoods for office space based on the mix of location and price. Each neighborhood has its own unique character and feel.
Central did not make our list because of its sky-high rental rates. It has an average desk price of HK$12,000, which is more than double that of Sheung Wan. Even though Central has incredible buildings and location, the price just doesn’t justify for a startup or SME to rent space there.
Central is occupied mostly by large multinational firms and major banks. It was recently reported by the South China Morning Post that over 150,000 square feet are leased by large mainland corporates, with even large US and UK firms having to seek a new office in Quarry Bay.
Located one station west of Central on the MTR, Sheung Wan is half the rent of Central. It is also where the Hong Kong-Macau ferry terminal is located.
Although Sheung Wan borders Central, it is quite different in terms of office demographics. Central consists of flashy high rises and is the financial capital of Hong Kong. Sheung Wan on the other hand, historically one of the original British settlements, is an older district with lower rents and older office buildings.
The lower rents in Sheung Wan make it perfect for your small business to share private offices at an extremely affordable rate while still maintaining a fantastic location. Sheung Wan is currently heavily populated with startups, SMEs and coworking spaces along with many restaurants and bars, which makes for great networking opportunities.
Out of the 3 districts we mentioned in this article, on average Shueng Wan has the most expensive cost per desk, but still reasonable enough for startups.
Kwun Tong has the second highest population among the 18 Hong Kong districts. Commercially speaking, this district consists of Kwun Tong, Ngau Tau Kok, and Kowloon Bay.
Kwun Tong is known for its old industrial history, but slowly manufacturing has disappeared in Hong Kong and outsourced to China. This has created a recent opportunity to change these industrial buildings into commercial private offices.
As an emerging business district, this area’s office scene is extremely affordable for small businesses, with shared offices at around HK$2,500 per person. There are a variety of decent restaurant options nearby which are generally very reasonably priced, making the office lunch hour something to look forward to.
Out of the three districts mentioned in this article, Kwun Tong is the most affordable. This is also the best place on the Kowloon side of Hong Kong to get an office space.
Wan Chai is appealing as a destination for an office because it is centrally located between the shopping capital, Causeway Bay and the finance and business capital, Central. Another advantage this location is its midway location on the MTR island blue line, giving it close proximity to all the major districts.
Wan Chai is known for its entertainment and bar scene, which is an attractive place for people to come to after work. Pictured below is a view from a rooftop bar in Wan Chai called Wooloomooloo that gives a fantastic view of Wan Chai’s office scenery.
Wan Chai’s office buildings are geared towards the small and medium sized companies. Many of these SMEs and MNCs that have office space here mainly focusing on the retail and trading business. It is a district which is equally distributed with blue-collar and white-collar jobs.
Kwun Tong, Wan Chai, and Sheung Wan are the three best office districts for SMEs in Hong Kong. We suggest you take a look at these districts next time you are looking for office space.
Quikspaces offers private and shared offices, coworking spaces and other flexible office space options in all of the above neighborhoods. You can check out the listings on our platform at Quikspaces. You can also sublease your unused office space on our website for absolutely no listing fees anywhere in Hong Kong.
If you are interested in office space for any of the above districts, quickly fill in your email in below and we will be in contact with you shortly.