HSBC moves 300 staff into WeWork hot-desking site in Causeway Bay
Banking giant denies move is to cut costs. Experts work out shift save HK$23,000 annually per person
HSBC has rented more than 300 hot desks in a grade A office building in Causeway Bay to house its digital and transformation teams.
The bank took out membership at WeWork’s Tower 535 on Jaffe Road, the US-based co-working office provider announced on Thursday.
“It is the largest corporate membership subscription in the Hong Kong market so far,” said an industry expert.
Other banks were also looking to co-working space to manage fluctuating staff numbers amid economic uncertainties, a spokesman at CBRE said. “Co-working offices can provide a flexible alternative for banks looking to reduce their footprint or for short-term project space.”
Tenants in co-working spaces were not required to pay deposits, take out long leases or make large capital outlays on fitouts, CBRE said.
According to WeWork’s membership plan, the starting price for a hot desk at Tower 535 is HK$6,200 per month. Members can use the venue for seminars, workshops or events. Children are also welcome at its locations.