Some would argue that the pandemic has created a positive spin on the co-working space industry. As a result of employees being given the flexibility to either work from home or in the office, the concept of hybrid work has become a norm in our daily lives, and more and more employees are starting to see the benefits brought by flexible working arrangements.
On top of that, the "Great Resignation" of 2021 has only created further fundamental change towards employment globally, where employees started leaving their jobs, in hopes of starting their own business or even working as a freelance.
Co-working spaces have played a huge role in this drastic change, providing people with the medium and space to work and collaborate with others in their own time. But with the revolutionisation of work culture, what are tenants today expecting from co-working space providers like yourself?
No. 1: Location, location, location!
The location of your co-working space is a huge factor that your tenants take into account when selecting a co-working space. Some businesses are hugely client-facing, and those specific tenants would want to make sure that their space is located at a prestigious location in hopes to impress their potential clients.
And if you don't already know, residents in Hong Kong place a huge emphasis on how close their destination is to the nearest subway station. As a response to this mindset, it is crucial to ensure that your co-working space is well connected by public transport.
No. 2: Amenities & Perks
Tenants aren't only seeking a work environment that provides them with the ability to focus, but also a space that provides the amenities and perks to boost one's productivity. For instance, does your space offer complimentary drinks like coffee or tea? Do you include nursing rooms for mothers that bring their newborns to work? Do you provide enterprise-grade level WIFI that can handle hundreds of connected devices? Some of your tenants might invite clients over on a regular occurrence for business meetings, will your meeting rooms be fitted out with up to date equipment?
The amenities and perks your space offers can either make or break your value proposition. It is crucial to take into consideration the needs and wants of your tenants and stay up to date with what your competitors are offering.
No. 3: Flexibility
Flexibility in terms of location and working hours has become a number one priority for tenants. According to surveys, 80% of people find that their productivity levels are much greater when they have the option of changing locations while working. Additionally, people have the tendency to work after office hours and even in some cases, on the weekends as well.
Therefore, it will be hugely beneficial to provide membership plans that allow your tenants the flexibility to have access to all your locations in a city, or even better, globally! It's also crucial to provide your tenants with the ability to have access to your space 24 hours, 7 days a week.
No. 4: A care for sustainability
As companies shift to the hybrid work model and adopt co-working spaces as an alternative to working from home, they need to know that the co-working space they reside in has similar corporate values to their own.
Buildings that score high on energy efficiency grading systems, such as the LEEDS or BEAM certificates, will provide a high level of appeal to future tenants. After all, co-working members are the frontiers to embracing the futuristic work style, they will be disappointed to let these go by choosing a workspace that doesn’t accommodate sustainable living.
While not all co-working spaces have their own sustainability initiative at this moment, operators can always start small by encouraging recycling by providing recycling stations throughout their office space, as well as minimizing one-use or non-recyclable items such as plastic straws, forks, or styrofoam cups. In the future, as it becomes normalised, co-working spaces will be expected to have their own established sustainability initiative in order to attract and retain their members.
Banyan Workspace, recognised as Hong Kong’s most sustainable co-working space, has an extensive ESG policy. They don't only reduce the resource consumption of their workplace by providing extensive recycling, recycled printer paper, and a plastic-free pantry for their members; from a social perspective, 2% of their members' membership fee will be automatically donated to one of their four partnering NGOs. By becoming a member of Banyan, you will be working for both the community and the environment.
What are some of our co-working spaces in Hong Kong doing today?
Location
15/F Soundwill Plaza II - Midtown, 1-29 Tang Lung Street, Causeway Bay
(2 minutes walk from Causeway Bay MTR station)
Amenities & Perks
Reception desk | Networking events | Business grade internet | Housekeeping | Housekeeping | Gourmet Pantry | Free meeting rooms | Member perks with selected partners | Address and mail handling
Flexibility
24/7 access | Access to all global locations
Location
One Taikoo Place, Level 23, 979 King’s Road, Quarry Bay
(4 minutes walk from Quarry Bay MTR station)
Amenities & Perks
Artisanal coffee | Enterprise-grade WIFI | Private phone booth | Nursing room | Housekeeping services | Mail and package handling | Monday Breakfast Club | Partner perks | Online member directory | Office supplies | Printing and resource alcove | Experienced events team | Event space | Business, leaning and lifestyle events | Workshops, training or meetings | Turn-down cart
Flexibility
24/7 access
Locations
18/F, Honest Building, 9-11 Leighton Road, Causeway Bay
(3 minutes walk from Causeway Bay MTR station)
23/F, Chung Kiu Commercial Building, 47-51 Shantung Street, Mong Kok
(2 minutes walk from Mong Kok MTR station)
21/F, Hang Seng Tsuen Wan Building, 289 Sha Tsui Road, Tsuen Wan
(7 minutes walk from Tsuen Wan MTR station)
20/F, 2004-06, Tower 1, Grand Central Plaza, 138 Sha Tin Rural Committee Road, Sha Tin
(6 minutes walk from Sha Tin MTR station)
Shop 1A, 1 Electric Street, Wan Chai
(7 minutes walk from Admiralty MTR station)
Hyatt Centric Victoria Harbour Hong Kong
(2 minutes walk from North Point MTR station)
Amenities & Perks
High-speed WIFI | Specialty coffee | Independent socket | Locker service | Reading materials | Drinks and snacks | Microwave service | Floral tea | Projector rental | Phone charge cable | Printing and scanning service | HDMI TV screen | Whiteboard | In-room dining
Flexibility
24/7 access (only for Hyatt Centric Victoria Harbour location) | Access to all locations (except the Hyatt Centric Victoria Harbour location)
Locations
5F, 562 Nathan Road, Mong Kok
(5 minutes walk from Mong Kok MTR station)
10B, Lee Theatre Plaza, 99 Percival Street, Causeway Bay
(1 minute walk from Causeway Bay MTR station)
23G, Plaza 88, 88 Yeung Uk Rd, Tsuen Wan
(8 minutes walk from Tsuen Wan West MTR station)
Amenities & Perks
Snacks | Coffee and tea | Adjustable lighting | WIFI | Flexible desk | Individual charging | Catering service | Daily cleaning | Projector and screens
Flexibility
Open till late hours | Access to all locations
Location
Eastern Harbour Centre, Suite 1204, 28 Hoi Chak St, Quarry Bay
(5 minutes walk from Quarry Bay MTR station)
Amenities & Perks
Phonebooth | Meeting rooms | Event space | Library | Balcony | Lounge | Pantry | WIFI | Lockable storage | Printing | Dedicated phone line | Secure office doors | Concierge | Mail handling | Networking events, expert talks, workshops, NGO activities and more
Flexibility
24/7 access
Location
2/F-3/F Dorset House, Taikoo Place, 979 King's Road, Quarry Bay
(3 minutes walk from Quarry Bay Station)
Amenities & Perks
High-speed internet | Meeting rooms | Mail and package handling | Printing and scanning with smart functions | Video conferencing facilities | Web-conferencing equipment | Quiet rooms | Relaxation zone | Complimentary coffee and tea | Pantry amenities | Daily cleaning and regular disinfecting | Security | Lockers | Showers | On-site, dedicated community team and IT support | Exclusive access to communal areas | Member events and benefits | Event venue discounts and sponsorships | Inclusion to Taikoo Place business community
Flexibility
24/7 access
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