Australian co-working firm Victory Offices exits Hong Kong after closing sole location at The Center
- Melbourne-headquartered Victory closed its 25,000 sq ft space on the 76th floor of The Center last week
- The year-long economic recession has seen the number of operators in the city drop to 13 from 15 during a market peak in mid-2018
Hong Kong’s Covid-19-hit economy has claimed another co-working office space operator.
Victory Offices, an Australian firm, has pulled down the shutters on its Hong Kong operations just over a year after its launch. The company has closed its 25,000 sq ft space on the 76th floor of the iconic The Center last week, the Post has confirmed.
“It’s a combination of high rentals and Covid-19, and that’s a recipe for disaster,” said Kenny Lam, the former regional manager for Southeast Asia at Victory, who left the company last week. “That’s my summary of the situation.”
He said that the company’s clients were mostly established companies, but some left because of cost-cutting.
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Despite the then escalating anti-government protests, Baxter said he was undeterred by the unrest and that the company was “actively looking” for other locations in Hong Kong.