This Study Explores Why Hong Kong Startups Like Coworking
Hong Kong startups see coworking as a cost-effective and socially-fulfilling alternative to the traditional office
In an international study by an office provider called Regus, we discovered the top two reasons why people choose coworking spaces: it’s easier to network in them, and there’s a high chance of meeting likeminded employees from other companies. The study polled over 44k workers from across the globe, in an attempt to find trends in the growing world of coworking.
Even though people indicated that networking was a big factor, price followed close behind as a major motivator to choose to join a coworking space. 79% of respondents saw coworking as a cost-effective alternative to traditional offices.
For Hong Kong startups, the story is similar. Around 80% of Hong Kong respondents agreed that coworking and startups make a good match, compared to 74% internationally. What’s interesting is that cost-effectiveness ranked #1 on the list of reasons to rent a coworking space. 83% of respondents indicated price as the biggest benefit, pushing it just above community and networking.
At the same time, 87% of Hong Kong respondents believed that coworking spaces were not formal enough for client meetings. This is much higher than the 76% global average. Hong Kong startups will have to consider the type of business they’re starting when they select a coworking space—and if they can’t gain access to a formal meeting room, they may have to consider other workspace options.
Natina Wong from Regus Hong Kong chimed in on this issue. She said that many different types of businesses are considering operating out of coworking spaces, not just “cash-strapped startups”, but they must still be aware that “a formal meeting space for important client meetings is a key requirement”. Not all coworking spaces have the right environment to carry out sensitive work, and some industries might not mesh well with coworking spaces at all.
Nevertheless, the concerns that companies have about coworking spaces are outweighed by the benefits. The vast majority of respondents worldwide agreed that coworking spaces were suited to startups, and privacy concerns aren’t enough to change that. Rather, it’s important to be aware of the type of business you’re starting and think about the type of clients you’ll be meeting.
If you can find a way to get through your meetings, you’ll get to enjoy the social and financial benefits of coworking—and for most startups, that’s 100% worth it.