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Swire Properties to let 55,000 square feet in Hong Kong to WeWork

Swire Properties Ltd. is letting roughly 55,000 square feet of space spread over four levels in its Citiplaza 3 commercial building in Hong Kong's Taikoo Shing district to co-working space operator WeWork Cos., Bloomberg News reported.

The Hong Kong-headquartered property developer will receive rent reflective of the current market rate for a lease in the tower from WeWork, the former disclosed to the news outlet, but actual figures were not revealed.

Swire Properties' Director of Office Leasing, Don Taylor, was quoted in the March 19 report as saying that big corporates are seeking flexible working spaces, beyond taking the move of relocating their operations to cheaper districts outside the Central business district.

The developer has its own co-working space business — named Blueprint — at its Quarry Bay headquarters in Hong Kong. The unit operates 30,000 square feet of flexible office space with 90 desks, 13 private offices and a 10,000-square-foot events area. Bloomberg noted that Blueprint's space would only be able to accommodate 200 employees, while WeWork's leased space would be able to provide a larger area for tenants.

The co-working sector appears to be growing in Hong Kong, with strengthening demand coming from changing workplace environment requirements and the need that expanding companies have for flexibility.

Naked Hub, a co-working space provider backed by Hong Kong private equity firm Gaw Capital Partners, earlier told S&P Global Market Intelligence that it had secured its third space in the city from Sun Hung Kai Properties Ltd. and also inked a deal for 58,000 square feet of space in the Kwun Tong district in Hong Kong.