10 Tips for Finding Affordable Office Spaces in Hong Kong

Hong Kong Office Space Market Insights: Why Finding Affordable Options is Challenging

Hong Kong remains one of the Asia-Pacific region's most expensive cities for office space. According to Statista (Q1 2024), the average monthly rent for Grade A office space in Central District reached 954 HKD per square meter, making it the priciest commercial area in the city.

Despite rising vacancy levels, premium office rents continue to stay high. A JLL report (Q1 2024) revealed 18,160 job vacancies in office-related sectors. Even if filled, the demand would absorb only 1.3 million sq. ft. of space, while the market still holds a large 14 million sq. ft. of vacant office supply. This would only bring the office vacancy rate down to 12%.

These figures reflect the growing gap between available space and affordability. To manage costs in such a competitive market, businesses should explore flexible options like coworking spaces, shared offices, and virtual office solutions, which provide cost-effective alternatives without compromising location or facilities.

Best Office Space Options Available in Hong Kong

The best office space options available in Hong Kong are:

1. Serviced offices

Serviced offices in Hong Kong are strategically positioned in the city’s central business districts (CBDs). Areas like Wan Chai, Admiralty, and Causeway Bay have many options. Offices are fully furnished and ready for use. Facilities include meeting rooms, reception, high-speed internet, and mail handling.

You only pay for what you use, and it’s easy to scale up or down as needed. Flexible leases and all-inclusive prices attract startups and international companies entering Hong Kong’s market.

2. Coworking Spaces

Coworking spaces thrive in Hong Kong’s busy business hubs. Locations like Kowloon and Sheung Wan offer many options, including hot desks, private offices, and team spaces.

Coworking is ideal for freelancers, startups, and remote teams in Hong Kong. Members enjoy networking events, workshops, and a collaborative community. It’s an excellent choice for those looking to connect with the city’s vibrant business scene.

3. Shared Offices

Shared offices are a cost-effective choice in Hong Kong. Top options are available at locations mainly known as central business hubs, such as Sheung Wan and Sai Ying Pun. Businesses share office space, reducing rental costs.

Common facilities like meeting rooms and lounges are included. This option is perfect for small businesses, startups, and remote workers in Hong Kong. It encourages networking and keeps costs manageable in the city’s competitive market.

4. Virtual Offices

Virtual offices are popular for companies wanting a Hong Kong address without renting physical space. Prestigious business addresses in Central or Quarry Bay are available.

Services include mail handling, call answering, and occasional meeting room use. This option helps foreign companies establish a presence in Hong Kong while saving on office rent.

5. Sublet Office Spaces

Sublet office spaces are a highly demanded flexible option in Hong Kong. They allow businesses to rent part of an existing office. Causeway Bay is a popular area for sublet offices. It is known for its shopping malls, office towers, and busy streets.

Sublet spaces provide shared access to meeting rooms, internet, and common areas. They are cost-effective for startups, small teams, and project-based work. This option helps businesses enjoy a prime location in Hong Kong without the high cost of an entire office lease.

10 Tips for Finding Affordable Office Spaces in Hong Kong

Here are some expert tips to consider when looking for an office space in Hong Kong that fits your budget:

1. Market Research

Start with detailed market research. Understand the average rental prices in different districts, such as Central, Tsim Sha Tsui, or Kowloon East. Central remains the most expensive, while Kowloon East offers more affordable Grade A spaces. Compare options, track market trends, and monitor vacancy rates before deciding.

2. Look for Incentives and Discounts

Many landlords or office providers in Hong Kong offer incentives to attract tenants. These can include rent-free periods, fit-out allowances, or discounted rates for longer lease terms. Deals are easier to find in the current market, where office vacancies are rising. Always ask about available promotions.

3. Consider Hidden Costs

Beyond rent, Hong Kong’s office spaces may involve hidden costs like management fees, utilities, internet, maintenance, or cleaning services. Always request a full breakdown of these expenses before signing. Factoring in these costs helps avoid surprises later and keeps your budget on track.

4. Conduct Cost-Benefit Analysis

When comparing office options, perform a cost-benefit analysis. Consider not just price but also location, amenities, and lease flexibility. For example, a slightly higher rent in a prime area with better connectivity might save commuting costs and attract more clients. Evaluate the long-term benefits before deciding.

5. Negotiate the Lease

In Hong Kong's current market, tenants have the leverage to negotiate favourable lease terms. With a high availability rate of office spaces, landlords may offer rent reductions, flexible durations, or fit-out contributions. Never accept the first offer—negotiate to get the best deal possible.

6. Check for All-Inclusive Packages

Serviced offices in Hong Kong often offer all-inclusive packages. These cover rent, utilities, internet, reception services, and maintenance. All-in-one pricing simplifies budgeting and prevents unexpected expenses. This option is ideal for small businesses and startups looking to manage costs efficiently.

7. Prepare Essential Documents

Having your documents ready speeds up the process. In Hong Kong, landlords often require your business registration certificate, director’s ID, and proof of financial capability. Preparing these in advance strengthens your position during negotiations and avoids delays.

8. Take Advantage of Short-Term Leases

Short-term or flexible lease agreements allow businesses to adapt to changing circumstances without long-term commitments. Many coworking spaces and serviced offices in Hong Kong offer month-to-month plans. This flexibility is helpful for startups or businesses testing the Hong Kong market.

9. Explore Government or Startup Hubs

Hong Kong offers startup hubs and flexible office solutions to support new businesses. Many office space providers give access to affordable workspaces, networking opportunities, and professional resources. These spaces help startups grow while keeping overhead costs low and building valuable business connections.

10. Work with Local Agents

Engage local property agents such as Office Hub. These agents understand Hong Kong’s real estate market and know where to find the best deals. They can also help negotiate better terms and guide you through the legal processes, saving time and money.

Rent Office Spaces at Affordable Rates in Hong Kong Today!

Hong Kong offers many office space options, attracting professionals and businesses worldwide. With people working on diverse projects, renting fully furnished office spaces makes managing operations smoothly and professionally easier.

Office Hub is here to guide you through the entire process. Our team helps you find the best deals, explore affordable options, and even secure special discounts.

Contact Office Hub to book a tour today and discover the perfect office space for your business in Hong Kong!