Nearly eight months after first entering Asia with a co-working space in Shanghai, US-based WeWork has brought its hustle to the bustle of Hong Kong.
WeWork has just officially opened two Hong Kong facilities, bringing co-working spaces and services to entrepreneurs for prices that start at US$590 per month. One in Wanchai is in an unassuming building on Lockhart Road, while the other is in Jaffe Road’s Tower 535, affording an impressive view over Victoria Harbor.
Hong Kong has the most expensive office space in the world – nearly double New York’s rates. It’s a dubious title the city of 7.2 million people has held for two years in a row. That’s bad news for fledgling startups without the income or investor funding to afford those rents.
Hong Kong’s startups pulled in just over US$500 million in funding in 2016, according to the Tech in Asia Database, putting it well ahead of South Korea and not far short of Japan.
New York-born WeWork has raised over US$1.4 billion in funding in a bid to be one of the leading co-working space providers in some of the world’s leading tech hubs, covering 19 cities in the US plus 16 other metropolises around the world. There are just over 110 locations in total.
India is next, due sometime this year.
Alongside the start of its Asia expansion, WeWork had a busy 2016, entering eight new countries on four continents, in the process doubling its membership to over 80,000 paying customers.
Converted from Hong Kong dollars. Rate: US$1 = HK$7.76.