Sunday, February 23, 2020

Hong Kong Startup Quikspaces Turns Unused Office Space Into Cash

HONG KONG, March 21, 2017 /PRNewswire/ — All businesses have experienced the headache of looking for office space, and for many, the process of having to deal with aggressive brokers and outdated classified websites is inefficient and painful. Startups and smaller companies in particular, face the financial burden of committing to a long lease period, which can be overwhelming for an early-stage company. On the other hand, many companies have empty desks in their office just idly sitting there, due to downsizing, the volatile economy, or the office was simply too big to begin with, yet they still have to pay the full rent until their lease expires. Quikspaces’ mission is to fundamentally reshape the office leasing market by matching SMEs and startups with companies who have unused space.

Find your next flexible office space with Quikspaces' easy-to-use search and filter system
Find your next flexible office space with Quikspaces’ easy-to-use search and filter system

Today, Quikspaces has released a new platform that enables you to find the perfect office space with highly targeted search filters, qualify with detail-rich space profiles, and easily inquire and transact online. All of the listings are offered on a flexible contractual basis and can be as short as one month. It is free for businesses to list and advertise their office space, and only a small commission is taken if a successful transaction takes place.

Founded by two ex-lawyers, Jacky Lo and Eunice Wong, the co-founders came up with the idea when searching for affordable office space themselves as they realized how antiquated the traditional leasing model is. Quikspaces offers a win-win solution for both sides, enabling those who sublet their unused space to significantly increase their income, while also allowing those who rent such spaces to do so at below average market rates. A sharing economy for office space is created by reallocating underutilized supply and matching it with demand, ensuring that no excess office space is wasted.

“We’re moving away from traditional long leases into an economy where people want flexible office space that can be dynamically scaled according to business needs,” says Quikspaces Co-founder, Eunice Wong. “While coworking spaces are great for collaboration, not all companies are suited for that type of open-layout environment which can be counterproductive. Flexible lease terms and affordable rent, on the other hand, are two key things that all businesses look for. There is so much untapped supply out there in the market, valuable square footage is often locked up and underutilized. Quikspaces’ aim is to empower businesses to monetize their unused office space.”

Since Quikspaces launched in late 2016, it has already facilitated rental transactions of over HK$250,000 worth of space. In its next release, Quikspaces will be rolling out a standardized licensing agreement that makes it simple for users to close office rental transactions quickly and cost-effectively, eliminating the need for complex leases and negotiations. Ultimately, Quikspaces aims to revolutionize the entire office rental process itself by enabling end-to-end transactions to take place online, entirely within its platform. With over 320,000 SMEs and an average of 2,500 new businesses incorporated every week in Hong Kong alone, Quikspaces’ technology-driven model will disrupt the commercial real estate industry and is poised to scale across Hong Kong and Asia.

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