Co-working office firm Spaces signs largest rental deal this year in Hong Kong’s Central
The Amsterdam-based company has leased Sun House in Connaught Road, Central, as demand for shared office space is seen picking up in the city and as mainland Chinese firms scale back their investments in Hong Kong offices
Amsterdam-based co-working office provider Spaces has agreed to rent an entire grade B office block in Hong Kong’s Central, the largest leasing transaction in terms of area in the business district this year and a new sign of growing demand for shared office space in the city.
The company will rent the 77,000 sq ft Sun House at 90 Connaught Road, according to the sole leasing agent, CBRE. Sun House, built in 1977 and owned by a private firm Sun Company, is undergoing renovation which is expected to be completed in mid-2018. The deal was signed on Friday. The price was not disclosed.
There is strong demand for co-working operators as it is a global trend in future office operation, said Alan Lok, executive director, advisory and transaction services for offices at CBRE.
“Many operators are aggressively expanding overseas to turn themselves into global players,” he said.
Spaces also rents 40,000 sq ft at the Lee Gardens Three complex in Causeway Bay, said Lok.
In Hong Kong, there are only 30 co-working operators, compared to 200 in Shanghai and Beijing, he said.