Part of business in Asia means showing your success up front, and a prestigious address is often a sign of achievement. Whether you’re looking for cost savings or hoping to fast track growth, Hong Kong companies know one thing: it’s all about location, location, location.
As one of Hong Kong’s leading central business districts (CBD), Admiralty, is a much sought-after destination for multinationals, fintech companies, professional firms, and new economies alike. Whether it’s global financial firms like Goldman Sachs who are re-considering the costs of Central office rents, or occupiers like HSBC and American Express moving towards unconventional office leasing, the advantages of Admiralty provide a great value proposition. In addition to bottom-line benefits, CEO’s are now recognizing the advantages of creativity, productivity, and knowledge sharing that’s inherent to the dynamic mix of freelance, entrepreneurs and corporate teams in the district’s growing shared workspace environment.
Cost Effective Workspaces
Cost quickly becomes a key factor when looking to open an office in the world’s priciest office market. With an influx of cash-rich mainland Chinese firms, the cost of Grade-A office space in Hong Kong’s CBD soared 8.3% from 2018, reaching HK$116.4- HK$146.4 per sq. ft/month. According to CBRE’s Tom Gaffney, “strong demand coupled with low vacancy” are what have kept the market robust and prices in Central at world premiums. Vacancy rates are currently hovering at 1.5% thanks to continued demand from banking and finance sectors, while the rapid growth of the co-working industry has added further pressure. Real estate giants, Colliers International, don’t think this trend is likely to stop anytime soon and predict prices may even reach HK$200 per sq. ft/month by 2021. It’s no surprise that even some of the city’s legacy banks are looking to move to new pastures. Especially when these pastures still deliver the clout of prime business addresses and provide incoming firms with a strategic and competitive advantage.
Admiralty is where Hong Kong connects. The established waterfront district serves as a global transportation hub with international business services, local government offices, luxury hotels, and a range of services to meet tenants’ shopping, dining and entertainment needs.
The district is connected to local markets driving the global economy with a world-class transportation hub that offers the kind of accessibility attractive to businesses on the move. The Admiralty MTR station is an interchange connected to all major transport links in Hong Kong by bus, taxi, and rail. Passengers can also quickly plug into China’s high speed rail network and the rest of the world via the Airport Express with its sub-30-minute ride to the Hong Kong International Airport. The advantages of this connectivity become even more apparent in the face of China’s next big project.
As China strives to become the world’s largest economy with a GDP close to US$1.5 trillion, innovative startups are collaborating with large technology companies and corporations to establish a key strategic presence in the Greater Bay Area. Co-working environments have quickly become a hot-bed for these symbiotic partnerships and more and more big corporations are moving away from Central – and it’s pricey traditional offices – into these vibrant spaces in search of digitally-savvy talent.
Given the Greater Bay Area project, leading economists are positioning Hong Kong as a neutral big-data hub for business cooperation and, as a result, global firms are pouring investment into numerous industries ranging from the FinTech to infrastructure. This further provides Admiralty-based businesses, from startups to multinationals, greater opportunities to grow and innovate. Companies looking to enter this market need flexible leasing solutions designed for rapid expansion, and with options that include private offices, hotdesks, event spaces and robust opportunities to connect with the surrounding neighborhood, co-working spaces are fast becoming prime business locations for new market players.
Most new business comes from connections, and the ability to cross-pollinate ideas with other creative people to tackle new projects together. Situated between the Central business district and the Wan Chai working district, Admiralty is a crossroads perfectly designed for sharing and collaboration. At the center of a network of shared workspaces, Admiralty provides businesses numerous touchpoints from which to engage with a diverse set of people and industries – a surefire way to collaborate and grow. Some of the local co-working spaces also help to develop surrounding communities by connecting their members with neighboring businesses, meaning that businesses situated nearby have ample opportunities to expand and develop their networks.
The Admiralty neighborhood also plays home to numerous foreign government offices including Britain, Germany, France, India, Israel, Singapore and Thailand with the US, PRC, Japan, Canada, Switzerland, and Austria just minutes away. As well as important local government offices, including the Companies Registry, the Hong Kong law courts, the Land Registry, and Queensway Government Offices, with Hong Kong Immigration and Inland Revenue based down the road in Wan Chai. Being nearby such services is especially beneficial for newcomers to the Hong Kong market.
The proximity to the professional services of the CBD, where the majority of international legal, banking and HR consulting firms are found, delivers great value for enterprises of any size – saving them both time and money. A wide range of food, entertainment outlets, and five-star hotels provide the diversity of experience that ensures hosting visiting clients, partners and investors are easy.
Admiralty checks the boxes and meets all your priorities, including the flexibility of co-working and a dynamic network to start, relocate or grow your business. With cost-effective office prices, a globally accessible transport hub, and a variety of neighbors ready to welcome you, your business will be situated in one of the most dynamic districts in the world.
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