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 the brink of recession as more than three months of social unrest take a heavy toll on tourist and retail numbers. The political turmoil has shaken business confidence enough for The Executive Centre (TEC), another shared office provider, to defer a US$750-million share sale by its owners.

Victory is undeterred by the unrest, though chief executive officer Dan Baxter admitted the decision was taken before Hong Kong’s massive street rallies began.

“We are in a growth trajectory at the moment and we are expanding. Hong Kong is the gateway to Asia and it’s got great connectivity. Opportunity was right for us, and we’re here,” said Baxter.

“We already committed to Hong Kong some six months back. It’s not just that we entered Hong Kong this month – it takes six months to do a fit-out, to sort out the agreement, and at the time there was no unrest. Even though there’s political tension, business is going as usual.

“Political unrest is there. I don’t think it is killing business, but of course there’s going to be ups and downs.”