Groundbreaking deal marks the trend towards landlord and operator partnerships.
The Hive , Asia’s leading flexible workspace operator, announces the launch of the Hive Lai Chi Kok , its first location in Kowloon, 10th in Hong Kong, and 20th in Asia Pacific. This affirms the Hive as the only provider to operate in all three of Hong Kong’s major regions. Boasting an impressive 8,000 sq ft of open-plan workspace complete with pantry, meeting rooms, and keyless entry, the Hive Lai Chi Kok provides the perfect home for businesses at every stage. The equally expansive 8,000 sq ft rooftop terrace is fully-fitted with a high-end bbq setup, cosy lounge areas, and a fully-stocked bar, and will be used to host a myriad of member events, from Open Air Cinema nights to Happy Hour Fridays.
The Hive Lai Chi Kok is a partnership between Hong Kong Hive Limited and boutique Hong Kong real estate developer and private investment fund Vivid Invest . Although an increasingly popular arrangement in other markets, the Management Partnership agreement between the Hive and Vivid Invest is the first of its kind in Hong Kong. Setting a leading example for future coworking operator expansions, the move is indicative of how the industry in Hong Kong is developing away from traditional leasing agreements and towards management contracts with local property owners and developers.
Seating up to 200 members, membership prices at the Hive Lai Chi Kok start at HKD1250 per month. The space provides multiple flexible workspace options, private offices for teams of 1-20, and a range of meeting rooms. To cater towards the fashion and garment businesses in the area, members at the Hive Lai Chi Kok will have access to all locations both regionally and worldwide, and may make full use of its photography studios, workshop spaces, rooftop terraces, cafés, and more. The Hive also hosts original events that are perfect for networking, professional development, and meeting the local community.
“The aim of the Hive has always been to provide flexibility, inspire creativity, and foster productivity as we build our community across Asia Pacific.” said Constant Tedder, CEO and Founder at the Hive Worldwide, “We couldn’t be more excited to continue on that mission with the Hive Lai Chi Kok, our tenth workspace in Hong Kong and first location in the rapidly developing New Kowloon district. We are especially proud to be launching alongside Vivid Invest, with whom we share a mutual focus on contemporary design, sustainability, and wellbeing.”
“Christoph Bannerman, Managing Partner at Vivid Invest said, “We are thrilled to be partnering with the Hive on this very exciting project. As a real estate developer and private investment fund, we invest in new real estate trends and in emerging neighborhoods applying a value-add strategy. The Hive Lai Chi Kok is our first investment in the flexible workspace sector, and we are delighted to break ground by entering a management agreement with a strong regional partner. We are convinced that the coworking industry needs to evolve from a buy-bulk-sell-piece model to a partnership between landlords, developers and operators. The booming flexible workspace industry shows that tenants require more flexibility and in turn asset owners need to embrace risk-sharing to maximize asset returns and values. We look forward to participating in this trend by cooperating with the Hive in this upcoming venture.”
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Vivid Invest Contact – Henning Voss – firstname.lastname@example.org