Hong Kong is one of expensive places on earth when it comes to renting office space. Prices have been on a constant rise since the end of the 2008 global financial crisis. The upward trends are showing no signs of slowing down in 2019, especially in the city’s most prominent business areas.
If you’re looking to expand your business and rent office space in Hong Kong, you should first get acquainted with the city’s office grade system and building grade classification. Let’s dive right in.
Office Grade Definitions
According to Hong Kong’s Rating and Valuation Department, office space around the city is divided into three main categories. From luxurious to basic, the grades are A, B, and C.
Grade A offices offer in terms of space, management, parking facilities, and other services. The B grade represents the middle tier. These offices are well-equipped, but they might lack some high-end features, while C grade offices offer only the basics.
Naturally, the grade largely dictates the renting price, with grade A space being expensive. On the other hand, grade C offices are rather affordable while the offices in the B grade are somewhere in-between.
In the following sections, we’ll take a closer look at each grade.
Grade A
If you’re looking for the best aesthetic and functionality, you should go for a grade A office. By definition, plenty of space, flexible layout, and easy customisation are essential elements of the grade A office. Hong Kong offices in this class also offer large floorplates, as well as nicely decorated and furnished lobbies with sizeable circulation areas. Finishes are top-level, as well.
Offices in this grade also feature central air conditioning as part of the standard equipment. Lift services are divided into delivery and passenger zones. You can expect regular maintenance and reliable operation here.
Adequate parking facilities are also among the grade A office criteria. Your employees won’t have to circle around the block looking for a free parking space when coming to work. Another thing that sets grade A offices apart from the rest is professional building management that can address all problems quickly and efficiently.
While location doesn’t dictate office grade, Hong Kong’s top office space tends to cluster in Central, Admiralty, and Causeway Bay. It is typically populated with large companies that want to secure the finest office space in town for employees.
There are plenty of options for grade A serviced office, including one-off option like meeting room rentals, and virtual offices if you want to enjoy grade A office perks with a price that works for you.
Grade B
Similar to their exclusive counterparts, grade B offices are also situated in prime locations. They are more affordable and represent a great option for companies that want to maintain their presence in the city’s most prominent districts but aren’t willing to pay the top dollar for grade A space.
Interior design in grade B office is oftentimes significantly less glamorous and luxurious, but you can expect quality finishes. The layout is generally flexible while the floorplates are of average size. You should also expect moderately sized lobbies.
While grade B offer similar functionality to grade A office, the quality differs. In terms of air conditioning, the regular B class is a mixed bag as you can find both free-standing and central options. The elevators in grade B office buildings are more than sufficient for the daily circulation of people and goods. However, they’re usually not split into passenger and delivery zones.
When it comes to management, grade B offices tend to offer good, reliable service. That being said, they don’t guarantee professional service like in grade A facilities. Also, parking space might not be included in the price.
This option is the middle ground, offering a smart combination of high- and middle-tier features. In Hong Kong, there are Grade B offices with flexible workspace options like a shared office in co-working spaces, meeting room rentals, and virtual offices.
Grade C
Grade C office is a good option if you only need bare minimum functionality and not so much aesthetics, and are looking to cut costs as much as you can.
With grade C offices, you should expect basic finishes and plain looks including a standard lobby. The floorplates tend to be a lot smaller than in A and B classes, and the flexibility of the layout isn’t exactly the strongest suit of the grade C offices.
You can expect a free-standing option instead of central air conditioning in this class. The lifts are often barely adequate and there’s no passenger and goods zoning. Similarly, the management is often minimal and parking facilities are not included.
Office Renting ABCs
Renting office space in Hong Kong can be complicated. However, the building grade classification makes things a lot easier and simpler. When renting offices in the city, you should take your company’s needs and budget into consideration and choose accordingly.