Societe Generale becomes the latest global bank to cut office space in Hong Kong, attributing the reduction to the pandemic and costs.
The French lender is surrendering one out of the seven floors which it occupies in an office located at the core of the city in Admiralty, according to an «SCMP» report.
A spokesperson for the bank noted that the decision was made due to expectations for work-from-home measures, consideration of moving costs and convenience of the location.
The building complex, owned by Swire Properties, houses offices with an estimated area of 15,000 square feet per floor at n monthly asking price of $14 per square foot.
Wholesale Office Space Cuts
Societe Generale is the latest global bank to cut office space in Hong Kong, which faces political uncertainty in addition to the ongoing pandemic.
Earlier this week, DBS also shed space, giving up two out of eight floors it occupies in an office located outside the central business district. Other notable global banks that have also cut office space include Standard Chartered, BNP Paribas and UBS.
According to Cushman & Wakefield, multinationals accounted for 75 percent of surrendered office space in the city last year amid growing adoption of flexible work arrangements.
