3 things businesses consider for the ideal office space

These are price, building quality, and size.

Price is the most important factor when selecting an office, with nine in 10 businesses considering the price when selecting an office, a report by Colliers revealed. 

Building quality comes second at 73%. The size of the floor plate (36%) is also important, especially for larger firms because a larger floor plate can allow for flexibility in designing thus lowering the cost of future redesigns. 

The remaining factors were selected by less than one-fifth of respondents. 16% of respondents said they would like buildings with amenities including on-site gyms, sky gardens, and common meeting areas. Colliers said this means landlords focusing on curating better office building environments by providing additional facilities and amenities will continue to benefit from that niche demand in the future.

In regards to location preference, 85% of respondents from Central/Admiralty and Kowloon West and 83% in Kowloon East prefer to remain in their respective districts. 

Companies in CBD fringe areas such as Sheung Wan, Wan Chai, and Causeway Bay have significantly less loyalty to their district. 

With Central’s currently attractive rental level, companies may be considering re-centralisation. 

Firms looking to move farther from the CBD may also be looking for further rental discounts or improved quality in Island East and Kowloon East.