CAMPFIRE TO OPEN TWELFTH COLLABORATIVE SPACE IN TWO YEARS
Shared Space Provider to be the largest coworking operator in Hong Kong
Hong Kong, Dec 13, 2017 – Campfire Collaborative Spaces, a co-working space service provider headquartered in Hong Kong, will open its twelfth site in V Point, Causeway Bay, in July 2018. This will mark Campfire’s tenth shared space opening and the largest coworking operator by committed floor space in Hong Kong.
The Grade A office space will become Campfire’s flagship location and will be spread across nine floors, totalling 38,820 sq. ft. GFA.
Campfire’s rapid expansion highlights the ongoing demand for co-working space amid Hong Kong’s tight vacancy environment. According to CBRE Research, Hong Kong had a total of 692,000 sq. ft. of co-working space supply at the beginning of 2017. By the end of November, the sector grew to 1.1 million sq. ft., a 59% increase in less than a year.
“Today is a significant day for Campfire and the coworking industry. By securing this deal, it marks our arrival on the big stage with our latest flagship site in the heart of the city. Also, our success proves that our unique industry-focused and Camper-centric approach is the way forward,” says Wang Tse, CEO and Co-founder of Campfire Collaborative Spaces. “I have no doubt that the diversity thatwe offer will further open up the market to limitless opportunities.”
Campfire is an industry-focused co-working startup of Hong Kong heritage that invests heavily in its on-site hardware for its vibrant communities. It debuted its first co-working space, geared towards tech startups, complete with sound-proof meeting rooms and breakout areas in Kennedy Town in 2016. The second site, catered towards high fashion businesses, comes with a fashion runway, a photography studio, a 3D printer, and a fabric workshop, opened in Wong Chuk Hang in early 2017. The third media-focused site, also in Wong Chuk Hang, opened in November this year – is installed with a kitchen studio, a recording studio, an amphitheatre, and a YouTuber room. It will open 7 more sites around Hong Kong and 2 sites overseas by mid 2018.
By opening in Causeway Bay, Campfire hopes to attract the influx of start ups and FinTech firms flocking to the area. Offering lower rents compared to Central without compromising on convenience, Causeway Bay has grown to become a hub for entrepreneurs in Hong Kong.
“We are excited to be welcoming a new and innovative concept into our portfolio of tenants at V Point,” said Patrick Kwok, Business Development Director, V Point. “Located in the heart of Causeway Bay, V Point has become a new landmark building in the district thanks to its unique geometric design. Home to fine dining restaurants and lifestyle concept stores, guests of Campfire will be able to enjoy a variety of amenities in the building and surrounding area.”
V Point will mark Campfire’s first Grade A office location in Hong Kong. While 499,000 sq. ft. of co-working spaces are in Grade A offices, 55% of the sector are based in non-Grade A buildings, according to CBRE.
As Grade A office rents continue to grow in Hong Kong, co-working spaces such as Campfire provide reliable and flexible lease agreements that allow companies to maximise space and costs.
“Co-working spaces allow companies to be more flexible when expanding or contracting their operations, especially as the leasing term in co-working spaces can be much shorter than the traditional 3 year terms offered by portfolio landlords,” said Dane Moodie, Director, Advisory & Transaction Services – Office, CBRE Hong Kong. “Shared spaces are no longer only appealing to start-ups, they’re becoming popular options for MNCs as well.”
CBRE Research’s Asia Pacific 2017 Occupier Survey revealed that 64% of MNC occupiers plan to use some form of third party office space by 2020. Cost savings was cited as a driver, followed by leasing flexibility and collaboration.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transactionand project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit their website at www.cbre.com.
About Campfire Collaborate Spaces
Campfire is a revolutionary work concept where you and your team can grow in creative, focused environments and connect with inspiring people around the globe.
Offering industry focused work themes and world class special features and tools, enabling you to join a Campfire community that aligns directly with your business needs. They are a community of inspiring creators and companies who support each other. Their Campfire member programs and events create strong business and collaboration networks globally.
With Hot Desks, Permanent Desks, Private Offices or custom-built HQ solutions available, they partner with clients regardless of size and industry. Just tell them what you need and they’ll make it happen.
For more information, please visit www.campfire.work
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.