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Signs of co-working office spaces in Hong Kong are on the rise, with organisations – big and small – embracing them.
HSBC and the South China Morning Post are, but two venerable Hong Kong institutions that have embraced the revolutionising of their workplaces into modern and flexible premises.
Also getting in on the act is Singaporean-founded DBS bank, which has relocated to a seven-storey complex in Kwun Tong, with a stunningly transformed modern workplace. It will be featured in the upcoming issue of Human Resources magazine.
Co-working or flexible office space is part of the evolving workplace dynamics resulting from job growth in the tech and digital sectors, an ever-expanding gig economy and an increasingly Millennial and Gen Z-aged workforce.
Flexible office space is now estimated to comprise about 20% of the global office leasing market, it was reported in The Age newspaper, with that figure certain to continue to jump.
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In Australia, for example, the prevalence of flexible office space has risen five-fold in the past five years. In Sydney and Melbourne, the number of flexible workplaces has jumped from 78 (30,000 square metres) in 2013 to more than 400 sites (295,000 sqm) in 2018.
“We’re seeing increased demand for flexibility and finding that larger companies are choosing a collaborative workspace in order to be part of a dynamic, more creative and entrepreneurial environment,” Balder Tol, general manager at collaborative workspace firm WeWork, told the The Age.
“More and more, bigger businesses are understanding the impact workspaces can have on culture and employee performance.”