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Australian co-working firm Victory Offices braves ‘overcrowded’ Hong Kong market to open space in iconic The Center

Victory Offices, an Australian co-working space operator, has opened its first location in Hong Kong – on the 76th floor of the iconic The Center skyscraper – braving the city’s ongoing political crisis and a crowded, highly competitive shared office market.The company has leased a 25,000-square-foot space near the top of The Center, the city’s most expensive office tower, in the main business district.Victory’s foray into Hong Kong – its first overseas – comes as the city’s economy teeters on… Source link

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Vietnam 

Retail spaces should become co-working offices: JLL – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A view of Nam Xa La residential area in Hà Đông District, Hà Nội. — Photo batdongsan.com.vn HÀ NỘI – Retail space rent is growing steadily in the centre but those underneath residential properties in outlying areas face long-term vacancy, said real estate services firm Jones Lang LaSalle (JLL) on Friday. JLL’s Việt Nam Property Market Brief 2Q19 pointed out total retail supply in HCM City and Hà Nội is more than two million square metre, with occupancy rates of 90 per cent and 88 per cent, respectively. According to the firm,…

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Hong Kong protests spook owners of co-working space operator The Executive Centre, who drop planned US$750 million sale

The boss of shared office-space operator The Executive Centre (TEC) said the decision to place on hold a planned sale of its shares for US$750-million was “sensible” given the uncertainty gripping Hong Kong amid unprecedented social unrest.“Placing a pause on the shareholder sales process is a sensible reaction to the unknown unknowns of the current political and social issues being played out in Hong Kong,” said Paul Salnikow, chairman and chief executive of the Hong Kong-based company.The… Source link

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Will Hong Kong protests, US-China trade war come to the rescue of city’s oversupplied co-working spaces sector?

Co-working space operators in Hong Kong could actually benefit from the ongoing anti-government protests, as well as the US-China trade war, according to industry experts.The sector, weighed down by surging supply, has reported cuts in daily, monthly and yearly access rates, in some cases as steep as 50 per cent, as well as rent-free periods that extend to three months in some instances.“Over the last two years … as foreign work space brands kept setting up shop in Hong Kong, mainland [Chinese]… Source link

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Vietnam 

HCM City co-working office space market developing strongly – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A view of CirCO Coworking in District 4, HCM CIty.— Photo coworker.com HCM CITY — The flexible office market in HCM City comprising co-working and serviced offices is among the fastest growing in the Asia Pacific, market researchers said.  At a meeting with the media to report on the city property market in the first half of the year, CBRE said HCM City was one of the top three flexible office markets in the Asia Pacific. Of its total office space, flexible office accounted for 2 per cent…

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Property 

Office glut creeps up in Shenzhen, Beijing and Shanghai as trade war saps growth plans while start-ups move to hipper co-working space

A building frenzy in southern China’s version of Silicon Valley has driven the vacancy in Grade A offices to a record high, putting the squeeze on part-time developers whose blind inexperience have led them into the industry.A record 1.79 million square metres (19.27 million square feet) of vacancy, equivalent to 10 of Hong Kong’s IFC towers, stood in Shenzhen at the end of June, requiring about two years to fill up, according to the real estate consultancy CBRE. Half of that empty space lies… Source link

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Property 

Fear of protests disrupting operations forces companies in Admiralty to look for co-working space

Some big companies in Admiralty are seeking co-working space as part of contingency plans to prevent any disruption to their operations in case of prolonged protests in the central business district, but such talks are mostly exploratory, say market observers.“We have received inquiries from big corporates in Admiralty to rent flexible working space as their plan B,” said Thomas Hui, chief executive of co-working space operator theDesk.He said that companies were looking at anywhere between 10… Source link

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Multinational firms fall in love with the flexibility offered by co-working spaces

Co-working operators may have initially imagined their clientele to consist of start-ups and small businesses. No one foresaw this would revolutionise real estate, and awaken a vast occupier base – multinational corporations.More than 40 per cent of co-working spaces are now occupied by MNC’s, doubling in the last two years. No surprise they are now the number one target for flexible workspace providers. The evolution of this sector is happening at such a rate that the design of committed space… Source link

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Hong Kong co-working operators set to raise rates as consolidation weeds out weaker rivals

Rents for co-working space in Hong Kong, already the most expensive in Asia-Pacific at US$741 per month, are set to rise further as the sector undergoes another wave of consolidation even as uptake slows, say industry operators.According to the latest report from property agency Colliers, Hong Kong, with 141 shared office centres, topped 14 other cities in the region in terms of average desk cost per month, followed by Beijing at US$693, which has 45 co-working centres and Sydney, with 58… Source link

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Squeezed by trade war, Chinese co-working firm Atlas pivots to ‘Greater Bay Area’, offers rent-free periods to Hong Kong businesses

Guangzhou-based co-working space provider Atlas wants Hong Kong companies to set up shop in a three-storey facility it is opening in Shenzhen’s Futian business district in July – and is offering a three-month rent-free periods as well as discounts to sweeten the deal.Founded by Ron Chen Sze Long, the son of Chen Zhuo Lin, chairman of mainland Chinese property company Agile Property, Atlas is looking to offset a drop in leasing demand amid an escalating trade war between the United States and… Source link

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