【英文】汇丰银行报告：亚洲共享办公地产报告 Asia Real Estate Co-working（63P）

From a real estate perspective, the market perceives that co-working has the potential to be a  disruptive force which could lead to longer-term structural changes to the commercial real estate  market globally. That said, we are not sure it is as clear cut as that. We also believe co-working  has qualities that are complementary to the office leasing market, for example by offering more  flexible lease terms to a niche group of operators. From a supply/demand perspective, it is clear that there is rising demand from a wide variety of  tenants, including start-ups, freelancers as well as large corporates. The popularity of co-working  stems from the lower-cost structure, the rise of the millennial workforce and start-ups. Looking at  the bigger picture, co-working is part of the shift to a shared economy, innovative approaches to  business and the relentless pace of improvements in technology. 

See House of Tech (22 January  2018), where our proprietary analysis revealed the 14 second-tier cities that we believe are well  positioned to attract tech talent. In terms of real estate developers and landlords, co-working has opened doors and broadened investment options. While large companies generally prefer Grade A office buildings, they are  also starting to test the use of co-working spaces. Given that co-working involves tight cost  control in terms of rent, most operators have opted for properties outside the Grade A bracket. As of the end of 1Q18, 75% of all large co-working centres were located in non-Grade A office  buildings in the six major city markets in the Greater China regions, according to Cushman & Wakefield. This should benefit rental and capital value trends in the non-Grade A office  segment, where in the past it has proved difficult to improve rental yields.