DBS Offloads Hong Kong Office Space
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DBS is reportedly the latest to join the wave of global banks and multinationals that are cutting down office occupancy in Hong Kong.
DBS will surrender a quarter of the eight floors it occupies in one of its Hoang Kong offices – One Island East Tower – according to a report citing unnamed sources.
The office is located outside of Hong Kong’s central business district in Quarry Bay.
DBS joins other global banks, like Standard Chartered and BNP Paribas, in shedding Hong Kong office stock.
In fact, multinationals accounted for 75 percent of surrendered office space in the city last year, according to Cushman & Wakefield, amid the growing adoption of flexible work arrangements.
In November last year, DBS said it would allow its employees to work remotely for as much as 40 percent of the time due to the pandemic.
Questions & Answers
Q.Which specific office building is DBS reducing its footprint in?
Which specific office building is DBS reducing its footprint in?
DBS is surrendering space in its One Island East Tower office. This building is located in Quarry Bay, outside of Hong Kong's central business district.
Q.How much office space is DBS giving up in its Hong Kong office?
How much office space is DBS giving up in its Hong Kong office?
DBS will surrender a quarter of the eight floors it currently occupies in the One Island East Tower. This reduction contributes to a wider trend of banks reducing office occupancy.
Q.What is the primary reason cited for companies surrendering Hong Kong office space?
What is the primary reason cited for companies surrendering Hong Kong office space?
The main reason is the growing adoption of flexible work arrangements. Multinationals accounted for 75 percent of surrendered office space last year, reflecting this shift, partly driven by the pandemic.
Q.Have other global banks also reduced their office presence in Hong Kong?
Have other global banks also reduced their office presence in Hong Kong?
Yes, DBS is joining a trend seen with other global banks. Standard Chartered and BNP Paribas are also mentioned as having shed Hong Kong office stock recently.
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