1 Aerial view of residential housing seen through the window of an airplane in Hong Kong on Oct 24, 2020. (Reuters photo) Hong Kong's property developers are expanding to the co-working sector amid dwindling demand for proper offices, even though some major operators have surrendered office space or exited the city altogether. "The serviced offices sector continues to evolve as landlords are now entering the market in direct competition with established players," said Keith Hemshall, Cushman & Wakefield's executive director and head of office services in Hong Kong. This is because small companies "will continue to consider serviced offices as an option to maintain flexibility and avoid upfront capex", he added.