Hong Kong and Singapore are two cities bustling with startup activity and coworking spaces to support these ventures. Picking the right one can be tricky but if you’ve been following along, you can see that we have you covered.
First, let’s look at Hong Kong
The bigger the circle, the more expensive are coworking spaces in the area. As you can see, those are some pretty big circles in Central and Wan Chai. This means that coworking in these two areas are going to cost you a lot more money than coworking in other part of Hong Kong.
As clearly visible, other areas like Sheung Wan, Lai Chi Kok, Kwon Tong and Aberdeen are significantly cheaper than Central and Wan Chai. And, the best part is- with the exception of Aberdeen- they’re all really close to MTR stations! If you need a dedicated desk and don’t mind working in Kowloon, then Lai Chi Kok is your best bet – dedicated desks here are ~40% (!) cheaper than Central.
The key takeaway here is that the best value for money is found outside of Central/Wan Chai. There are loads of coworking spaces in nearby areas that offer all the facilities at a much more economical price.
With Singapore, the situation is fairly similar:
Central Business District (CBD) and City Hall are the priciest, no doubt about it. Coworking spaces at CBD are on average 20% more expensive than at other places. Hence these two places might not be your most cost-effective options, especially if you’re still waiting on that precious first round of funding.
Given Singapore’s small size- which makes everything a stone’s throw away, if you don’t mind being a 10-15 minutes drive away from CBD, there are massive savings to be had. Lorong is by far the cheapest option. Though a historical area, it is more noted for its’ colorful nightlife. So if you don’t mind having potential clients and VCs walking through such an area to get to you – especially at night, then this is your best bet. Otherwise, Clemenceau Avenue is a better option.
However, if location (and potentially view) of your coworking space requires you to be in City Hall or CBD then make sure to negotiate: it’s possible to negotiate 1-2 months rent-free if you sign a contract. It doesn’t hurt to try!
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