The George Lindemann Journal by George Lindemann

By JOANNE LEE-YOUNG

Photographs by Philipp Englehorn for The Wall Street Journal

The living area

Hong Kong

After graduating from Cornell University's architecture school, friends Kevin Chin-Kwok Lim and Edward Yujoong Kim moved to Hong Kong, one of the priciest real estate markets on earth. Mr. Lim, 26, who grew up in the city, moved back in with his parents and grandmother. Mr. Kim, 27, stuffed himself and his girlfriend into a 180-square-foot apartment.

Fortunately the duo also hold the keys to a 3,900-square-foot warehouse loft that has evolved into an office, exhibition space and place to stretch out, entertain and relax.

This is not a fancy condo conversion. The loft is on the 19th floor of a working warehouse in an industrial part of Hong Kong. Visitors have to steer around stacked cartons and workers pushing bags of chemical powders into service elevators. It's dank and charmless until an aluminum door slides open to reveal a huge open space with white ceilings, walls and light tiled floors.

Mr. Lim's father, William Lim, 54, a Hong Kong-based architect, artist and art collector, bought the loft in November 2010 for $1 million. He used to rent three separate spaces: an art studio, an apartment for storing his collection and another to show it off. When he saw this place, it was a chance to consolidate. He estimated spending about $142,000 to renovate.

There are few walls. A modern kitchen is at the left; a beige sofa and coffee table made from flatbed trolleys topped with acrylic carves out a living area. A large table, a few chairs and a giant, orange floor lamp in one corner marks the office. A long, glass-enclosed balcony seals out much of the noise from a massive pit below filled with cranes, dump trucks, cement mixers and bulldozers, constructing a new subway station.

Photos: Industrial Living in Hong Kong

On the 19th floor of a working warehouse, a vast loft serves as a multi-purpose hangout.

Philipp Engelhorn for The Wall Street Journal

After graduating from Cornell University's architecture school, friends Kevin Chin-Kwok Lim and Edward Yujoong Kim moved to Hong Kong, one of the priciest real estate markets on earth.

The loft's centerpiece and main sleeping area is a striking 20-by-13-foot rectangular structure. It's made up of 163 pieces of plywood fit together with tongue-and-groove notches and painted black. The result a grid of cubbyholes filled with art books and collectibles, like a polka dot paperweight by Japanese artist Yayoi Kusama. The books are laid flat, allowing light to flow through the structure. "The idea was to create a space without using walls," said the younger Mr. Lim, who designed the piece with Mr. Kim and Eddy Man Kim, their third partner who is planning to move to Hong Kong soon.

Within the structure is about 290 square feet of den-like space holding a sofa, small rugs and stacks of DVDs and books. Further into this space, wide, bleached-wood steps lead to a flat platform level that can be topped with cushions and used as beds.

If they are working late into the night, the young architects might toss a tatami mat or thick piece of foam on top of the structure and crash. There is another snoozing spot on the outside edge of the structure, and the men recently placed a thick piece of plywood in a top corner, giving the option of making a loft bed there too.

"When you wake up, it feels like you are on the sea," said Zhang Wei, a Guangzhou-based curator who was an overnight guest on a recent trip. She and her husband piled blankets and pillows onto the structure for a bed. "It's like being on an island because the space around is so huge."

On the far other side of the loft, the space turns into an art gallery. There is a sculpture in the shape of a plate folded in half, by mainland Chinese dissident artist Ai Weiwei. An angular, metallic satellite-like mobile by Korean artist Lee Bul floats in the air. A portrait by U.K. artist Julian Opie hangs on one wall next to an oversized Chinese lantern. There is a gray concrete bathroom with rough bits of exposed brick. It has a communal sink, a shower unit and three toilet stalls.

Photographs by Philipp Englehorn for The Wall Street Journal

A mobile by Lee Bul and recliner by William Lim

Technically, lofts like this are zoned for commercial use. But real estate agents say more entrepreneurs, including artists, retailers and design companies, are combining work and living spaces into them. There is actually a loophole regulation that permits warehouse spaces to have one or two watch guards who may stay overnight. Nothing forbids them from dozing off, said the elder Mr. Lim.

Recently, the government said it can't regularly inspect all warehouses and will only act to enforce zoning regulations if there are complaints. Currently, a 6,700-square-foot warehouse loft in the same area, which comes renovated and with a rooftop terrace, is listed for $5.1 million.

The elder Mr. Lim sits on the board of the Asia Art Archive, which documents the history of contemporary art in Asia, and he is co-chair of Para/Site, a non-profit art space in Hong Kong. When he hosts presentations at the loft, attendees gather on wooden bleacher-like seating that spills off one side of the structure. This week, to coincide with the Hong Kong International Art Fair, he will preside over an open house at the loft to exhibit his art collection.

Right now, the young architects are keeping busy with their new design firm, called openUU. They are working on a penthouse, an art gallery and a private school cafeteria in Hong Kong. In Shanghai, they are designing a seafood retail shop. The loft will continue to serve the elder Mr. Lim's art interests, but, for now, it's also a home base for the younger architects to start their careers.

Says Mr. Kim: "The idea is to see how many different activities we can pack in here."

A version of this article appeared May 18, 2012, on page D6 in the U.S. edition of The Wall Street Journal, with the headline: To Doze, Design in Hong Kong.