What do you mean by "target that needs hypoxic conditions"? Is the target an HIF-1alpha regulated gene? If so, CoCl2 will do the job and DMOG is certainly also a good choice. If you are working in cell culture and your target is not so quickly sensitive towards oxygen, you could also think about regulating the gas supply of your incubator. Real equipment to do cell culture under hypoxic conditions is unfortunately expensive.
CoCl2 does not induce hypoxia, but it will block degradation of HIF-1a and thereby induce HIF-1 target genes. However, DFX and DMOG are better as chemical inducers of HIF-1a. If you require hypoxia and not just the induction of HIF-1, then you will need to arrange access to a hypoxia chamber.