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Bloomberg
WeWork Cos., the co-working space company that’s among the world’s most valuable startups, is in advanced talks to rent a building in Hong Kong’s popular nightlife district near the city’s business centre, according to people familiar with the matter.
The New York-based firm is seeking to rent Hotel LKF by Rhombus on Wyndham Street, said the people, who asked not to be identified. The boutique hotel, located in the Lan Kwai Fong district that’s known for its bars and nightclubs, closed down on July 1 and will be converted into an office building by next year, the owner Peterson Group said in June.
WeWork’s expansion in the world’s priciest property market comes as soaring office rents have pushed some financial firms and hedge funds out of the financial district. Demand for flexible and shared offices is surging in Asia, with the area taken up by such work spaces in Hong Kong expected to double this year to 250,000 square feet, according to property broker Colliers International.