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Servcorp sees increased demand due to ambitious expansion of Mainland Chinese companies in Hong Kong

September 2013 | Wilma Wu - General Manager Hong Kong

Sky-high Grade A office rent driving serviced office enquiries in the CBD

Hong Kong, 26th September 2013 – Servcorp, a world leader in serviced and virtual offices, has seen a sharp increase in enquiries in Hong Kong particularly by mainland Chinese companies seeking to establish a presence in the territory. According to Servcorp, enquires from China have so far increased by 25 percent year-on-year.

The latest report* by the HKSAR Government indicated that Grade A office space prices in core areas have grown by about 60% since 2008 and Hong Kong's Central district is often cited as being the world's highest for office rents.

“Sky high office rents in key Hong Kong business districts have made some Chinese companies baulk at the prospect of paying what they see are excessive rentals in prestigious locations that offer little space and high associated costs,” said Wilma Wu, General Manager – Hong Kong, Servcorp Hong Kong.

While some businesses have relocated to less expensive office space outside the central business district, quality premium office space is still highly sought after – especially by Mainland Chinese firms that are increasingly establishing a presence in the city.

“Servcorp has seen a steady continuation of clients seeking to establish a presence in Hong Kong both at interim and long-term levels owing to a lack of available Grade A office space and high rental costs. These firms are committed to establishing a presence in Hong Kong and rather than shun the city altogether are looking at serviced and virtual offices as a viable option.”

Servcorp's largest serviced office in Hong Kong is at IFC 2 in Central with space available at Hong Kong Club Building and One Peking in Tsim Sha Tsui.

“Corporations using Servcorp can capitalize on a cost-saving and flexible solution by maintaining a presence in the heart of core business districts with full network and administration support. Even companies with major operations in non-core areas use Servcorp's offices in Central for hot desking and for meeting clients,” added Ms Wu.

Hot desking allows multiple employees to use a remote office during different time periods while still having access to the corporate network. This gives executives and sales teams, for example, a flexible solution to catch up with work, host or participate in video conferences, or even hold client meetings at a prime location in Central.