UBS Secures New Office Space in Hong Kong
In this article (5)
Switzerland’s largest bank will lease 250,000 square feet of new office space in Hong Kong outside the traditional central business district.
Swiss banking giant UBS will lease 250,000 square feet of new office space in Hong Kong, according to a statement by Sun Hung Kai, the developer of the property. According to them, UBS, as the first anchor tenant, will lease the top nine floors of the tallest tower in the West Kowloon terminus project, which connects Hong Kong and mainland China via high-speed rail.
The project is expected to be completed by 2025 and UBS is expected to occupy the new premises in early 2026. The Swiss bank plans to relocate staff from four current locations in Hong Kong, including its six-floor main office at IFC, the city’s second-tallest building.
The new office is located across the harbor from Hong Kong island, where the main central business district is based, and rent is estimated to be around half of that paid by IFC tenants. In addition, it sits atop the high-speed rail station that should keep travel from Hong Kong to southern Guangzhou to under an hour, which is ideal for the bank’s Greater Bay Area growth strategy.
We are excited to be moving to the workplace of the future with state-of-the-art infrastructure that brings together and empowers all of our UBS colleagues in Hong Kong under one roof, said UBS’s APAC co-head of wealth management and Hong Kong chief executive
Questions & Answers
Q.When is UBS expected to move into its new office space in Hong Kong?
When is UBS expected to move into its new office space in Hong Kong?
The project is anticipated to be completed by 2025. UBS is then expected to occupy its new premises in early 2026, following the completion of the development.
Q.What is the primary reason for UBS's move to a new location in Hong Kong?
What is the primary reason for UBS's move to a new location in Hong Kong?
UBS plans to consolidate its Hong Kong staff from four current locations into one building. This move aims to bring all colleagues together under one roof, providing state-of-the-art infrastructure.
Q.How will the new office location benefit UBS's strategic goals?
How will the new office location benefit UBS's strategic goals?
The new office's location atop the high-speed rail station connects Hong Kong to Guangzhou in under an hour. This is described as ideal for the bank's Greater Bay Area growth strategy.
Q.What kind of cost savings might UBS achieve by moving to West Kowloon?
What kind of cost savings might UBS achieve by moving to West Kowloon?
The rent at the new West Kowloon location is estimated to be approximately half of what tenants at IFC, the current main central business district, typically pay.