HONG KONG, Aug. 2, 2018 /PRNewswire/ -- Kr Space Ltd., China's leading co-working space provider, today announced that it has signed an agreement with Hong Kong real estate developer The Wharf (Holdings) Ltd. ("Wharf") to lease over 50,000 square feet at Times Square, Causeway Bay. This is the second location that Kr Space has secured since entering the Hong Kong market. The new Times Square location is scheduled to open by the end of this year.
In May, Kr Space signed an agreement to lease seven floors in the brand-new iconic One Hennessy building located in the Wanchai district. Kr Space's office space in One Hennessy is expected to be completed by the second quarter of 2019.
"High rental prices in Hong Kong's office building market make co-working space an ideal solution for entrepreneurs looking for flexibility to scale their business quickly and cost-efficiently. Hong Kong is Kr Space's first market outside mainland China and we see a great opportunity to bring Kr Space's high-quality service and innovative technology-based approach to Hong Kong," said LIU Chengcheng, Chairman & Founder of Kr Space.
Times Square is one of Hong Kong's most popular destinations. Located in Causeway Bay, a bustling shopping and commercial district. Times Square has over one million square feet of Grade A office space and one million square feet of retail space. Many of the world's most innovative global companies have chosen Times Square for office space, including tech giants such as Alibaba, Google, and Apple.
According to data published by Jones Lang LaSalle in May, the vacancy rate of office buildings in Causeway Bay is as low as 2.3%. Kr Space plans to focus on helping more of Hong Kong's local business and innovative companies find a space that works for them. Kr Space will also strategically target global companies, including financial institutions, seeking to establish an office in Hong Kong.
Kr Space plans to add more high-quality office buildings in Hong Kong to its roster for entrepreneurs. Kr Space aims to open more than one million square feet of co-working space in the city over the next three years spanning the city's major business districts.
About Kr Space
Established in 2014, Kr Space is mainland China's leading co-working space provider for entrepreneurs and fast-growing companies. As of June 2018, Kr Space operates over 270,000 in more than 40 locations in 11 cities in China and has over 3,000 corporate members. It is China's largest co-working space provider.
