Two companies have taken space-sharing to a whole new dimension by not just leasing office areas, but by offering miscellaneous services as well.
The idea of incorporating services such as human resources, accounting and legal into the rent package comes from UR Work and Woo Space, two startups aiming to innovate China's entrepreneurial landscape.
According to Knight Frank's recent Skyscraper's Index, Hong Kong has the world's most expensive office rents, with prices that are two times costlier than any other city. Other cities in mainland China also register skyrocketing prices, including Shanghai with $72.75 per square foot a year and Beijing with $67 per square foot a year.
In effect, smaller companies that could not afford to rent a decent office space end up caving in residential apartments that do not exactly suit a professional set-up, especially during client meetings where making a good first impression is key.
Meanwhile, the additional services allow startups to subcontract their office needs to the main space provider.
Founder Mao Daqing said in an interview with China Radio International that young entrepreneurs and startups will fuel the society's future.
"They are young and are relatively small in size, so they are the first to take up this new trend," Mao said. "Meanwhile, this office sharing mode also meets their demands."
UR Work inks long-term leases with office owners. They also have flexible options that allow tenants to book a conference or a meeting room per hour. This set-up enables smaller companies to tap additional services other than renting a shared table.
The space-sharing model is present in eight cities in China, providing about 3,000 workstations or about 20,000 sqm shared areas.
UR Work is not the only company banking on the space-sharing market. Recent reports indicate that about 1,500 companies with a similar model are operating in China by the end of 2015.