Hong Kong’s largest flex-office provider, International Workplace Group (IWG), has opened a new 10-storey facility in Central, as the rise in stock market confidence and listing activities supported the recovery in the city’s office market, according to property consultants.
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IWG on Wednesday opened the company’s 22nd workspace location in Hong Kong at The Voeux, located at 102-104 Des Voeux Road, which offers more than 6,400 square feet of flexible office space to cater to the needs of businesses of various sizes.
“As an important business hub, Central is a fantastic place for us to boost our expansion plans,” said Mark Dixon, the founder and CEO of IWG. “Our workplace model is proven to increase productivity and allows for a business to scale up or down at significantly reduced costs.”
According to IWG, it would likely add one more workspace centre before the end of this year.
IWG’s confidence in local demand reflected how hybrid working continued to help businesses in the city stay resilient and competitive, especially in times of economic uncertainty.
Hong Kong’s grade A office market recorded a net absorption – the difference between the space vacated and the space leased – of 401,000 sq ft in the third quarter this year, the highest recorded since the second quarter of 2019, Cushman & Wakefield said on Wednesday. That take-up was the result of improved market sentiment and leasing momentum, the property consultancy added.