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savills blog: Co-work 2.0

Co-work 2.0

The last couple of years marked the largest growth in co-working spaces in Hong Kong.  As the industry grows and evolves, what will be the next co-working trend to look for? 

If you are looking to be ahead of the curve in today’s fast-paced business world, then one must pay attention to the way that the millennials are shaping the market.  Undoubtedly, the millennial generation continues to grow and make much impact, co-working space world is starting to see a new change brought on by another group of start-up enthusiasts that may shape the so-called Co-work 2.0. They are the more mature business people. 

According to the recent Census by the Government, the median age of Hong Kong people has increased from 39.6 to 43.4.  This number somehow indirectly reflects that as average age grows in the city, setting up a start-up may not be the only right for millennials.   Unlike Steve Jobs or Bill Gates, who started their own businesses even before finishing their college, some joined the workforce first and as their experience excelled, their network expanded, this group of business people may then start thinking of their own start-ups.  In general, they wish to meet in a more luxury co-work spaces which suits their age and their image. A good example to show is Co-Optim, a luxurious environment in the US for freelancers, small businesses to connect and interact.

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Apparently, they prefer co-working spaces which are located in core area with a tasteful environment.  Their requirements may mirror those private clubs.  But those private clubs tend to attract people who work for the finance or banking industry and may not be suitable for those who are involved in start-ups.

As this group of entrepreneurs have basically gone through all the hard work and hurdles at work place, they may appear more mature, with clearer vision and strategies for their start-ups.  It is not a surprise that within this year or so, office spaces may house co-work spaces targeting this type of clients, who are more mature and aged 40 or above.

Photo credit: Co-Optim

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