What's The Cost Of A Serviced Office In Hong Kong?
In the metropolis of Hong Kong, rental costs are a major consideration for businesses. The city's commercial landscape is divided into various districts, each with its own market, amenities, and trends. According to data from the Rating and Valuation Department, average rents for Grade A, B, and C office space vary significantly across districts in the first quarter of 2024.
Average Rents by Grade and District in 2024 Q1 (HK$ / square meter per month)
| District |
Grade A |
Grade B |
Grade C |
| Sheung Wan |
HK$ 796 |
HK$ 514 |
HK$ 392 |
| Central |
HK$ 977 |
HK$ 768 |
HK$ 552 |
| Wan Chai / Causeway Bay |
HK$ 638 |
HK$ 509 |
HK$ 478 |
| North Point / Quarry Bay |
HK$ 527 |
HK$ 391 |
HK$ 438 |
| Tsim Sha Tsui |
HK$ 500 |
HK$ 449 |
HK$ 445 |
| Yau Ma Tei / Mong Kok |
HK$ 548 |
HK$ 487 |
HK$ 399 |
| Kowloon Bay / Kwun Tong |
HK$ 335 |
HK$ 338 |
HK$ 111* |
* No data available for 2023 Q4. Data is based on the last recordable month.
At the heart of Hong Kong's business landscape is Central, known for its high concentration of financial institutions such as banks and investment firms. Hence, this area always commands the highest rents, with Grade A offices averaging HK$977/m2 per month. The neighbouring Sheung Wan area follows closely behind, with Grade A space fetching HK$796/m2. In contrast, upcoming districts like Kowloon Bay and Kwun Tong offer more affordable options, with Grade A space priced at HK$335/m2.
Despite fluctuations in rental prices, the overall trend in Hong Kong's office rental market has been continually influenced by global economic conditions and demand-supply dynamics, among other trends like the hybrid working style. Businesses, particularly startups and SMEs, face pressure to manage operational costs while maintaining flexibility in their workspace arrangements.
In this context, serviced offices have emerged as a cost-effective alternative to traditional office leases. They offer fully furnished spaces with flexible lease terms, enabling businesses to easily adjust their space needs. Besides, amenities like 24/7 secure access, office furniture, beverages, and meeting rooms are typically included in a convenient bundled monthly fee. This simplifies the upfront investment, which is typically associated with traditional office setups, along with additional management, restoration, utilities, government, and maintenance fees. Moreover, serviced offices allow for immediate move-in, a feature often lacking in traditional office setups.
When comparing serviced offices to co-working spaces, the former focuses on privacy and dedicated workspace options, whereas the latter promotes a collaborative environment that may lack the privacy and stability required by some businesses. In terms of cost, both types of space are charged per desk, and the final cost will be based on factors like location, view, layout, and size.
With 11 locations in prime districts across Hong Kong, Compass Offices provides a range of workspace options at affordable desk rates starting from HK$3,500 per month, making it an attractive choice for businesses seeking high-quality office space at competitive rates.