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It is a well-known fact that space is a luxury in Hong Kong, whether it's residential, commercial or office space. According to both CBRE's semi-annual Global Prime Office Rents survey and JLL's Premium Office Rent Tracker report, Hong Kong remains the world's most expensive office market in 2017.
A few extra square feet here and there could easily eat up the finances of start-ups or freelancers who could invest that money into growing their brand rather than paying an exorbitant monthly rent for office space.
A "work-from-home" setup seems like an inviting solution but, let's be honest, working on that business proposal while sitting on your bed or in your living room is hardly conducive to productivity. There's always the temptation of putting off work due to the myriad of distractions in one's home.
Your neighborhood coffee shop might be a tempting workspace, however, how many cups of coffee would you end up ordering to justify hogging that corner table with the lone charging dock? Imagine the dirty stares you get from other patrons waiting for you to vacate your seat. Not to mention the heavy foot traffic of customers coming in and out can derail your train of thought. Plus you will be the unwilling subject to whatever muzak the barista has chosen to play for hours on end.
So, where does that leave you, our intrepid entrepreneur?
Fortunately, a wide variety of co-working spaces have cropped up all over the city that now, finding the right one is just a matter of matching a flexible workspace to your taste.
At some co-working spaces, you can still enjoy that coffee-shop atmosphere without the terrible muzak, the din of conversations at every table around you, or the competition for prime seating locations next to the power outlet. Many co-working spaces have free-flowing coffee or tea, while some even come with its own barista that serves designer coffee in a casual and comfortable atmosphere that helps motivate your productivity.
Additionally, you won't have to stress about being trapped in a long lease or astronomical office rental costs. Co-working spaces offer flexibility, whether you need the space for just a few hours a week, or a dedicated desk for a couple of months. You need not worry about maintenance and repair costs eating away at your budget, or having to personally purchase office equipment that you definitely have no room for in your 300-square-foot flat in Wan Chai.
Co-working spaces or flexible workspaces also give you the opportunity to rub elbows with fellow solopreneurs. Networking is key to any growing venture and co-working crosses your path with potential clients, partners, or investors that could raise your business to the next level. Professionals from various business sectors avail of co-working spaces, and each day brings you insights into your target market or potential solutions to that roadblock in your project.
Studies show that people empowered to choose a workspace that suits them well are much more productive than those forced to work in a drab environment. Finding the right workspace for you (or your team) is one of the best investments you will ever make.