As co-working startups stumble over each other for Hong Kong office space, locally-based serviced office operator The Executive Centre, is literally taking the high road for a new centre recently opened at Champion REIT’s Three Garden Road. The new venue is opening just up the hill from the Bank of China Tower in the city’s core business district as competition pours into the Hong Kong flexible office market.
The new facility, which opened 16 July on the complex’s 47-storey Champion Tower, offers flexible offices for tenants looking for prime premises, instead of just grade A. The space on the 43rd and 44th floors of the award-winning office tower offers occupiers standing desks and Herman Miller chairs as well as the services of a full-time barista.
Offering Business Class Serviced Space
While some of the fast-growing co-working operators are looking for ways to add value to grade B buildings or properties at the fringe of core areas, The Executive Centre has opened its latest facility in a building where rents for full floors average over HK$130 per square foot per month — putting it among the city’s prime properties.
Executive Centre CEO Paul Salnikow has argued in the local press that the new co-working participants while impressive and highly competitive, are ultimately a limited threat to the business that he founded in 1994.
A report earlier this year by Cushman & Wakefield found that enterprise clients with workforces of greater than 500 workers more than doubled their take-up at flexible office centres during 2017, while the percentage of desks occupied by freelancers and independent workers dropped by nearly 15 percent from 2014 through 2017.
Salnikow sees this trend as working in favour of The Executive Centre, which focuses on serving clients willing and able to pay more and over a longer period of time.
New Centre Adds to Presence in 13 Countries
While the facility at Three Garden Road has acknowledged new trends in shared space by including more space for co-working facilities and dedicated break-out areas, the company’s 10th centre in Hong Kong also offers private suites that can accommodate up to 50 people, and has six sea-view offices available ranging from 1,000 to 5,000 square feet in size.
The company now has more than 125 centres in 13 countries and territories across Asia and the Middle East and ranks itself as number three in Asia in terms of serviced office space.