Skip to content
Subscriber Only

Deutsche Plans to Give Up Office Space in Hong Kong’s Tallest Skyscraper

  • Rents in ICC are about HK$80 per sqf a month, Savills says
  • Deutsche Bank may move some workers to cheaper locations
General Economy On China's National Day
Photographer: Jerome Favre/Bloomberg

Deutsche Bank AG, the struggling German lender that’s in talks about a merger with Commerzbank AG, is weighing giving up as many as three of the 10 floors it occupies in Hong Kong’s tallest skyscraper, people with knowledge of the matter said.

Deutsche Bank signed the 10-year lease in the 484 meter (1,588 feet) International Commerce Centre in 2010 and hasn’t been using all the space, said two of the people, who asked not to be named discussing private information. Landlord Sun Hung Kai Properties Ltd. has asked at least one real estate agency to start looking for new tenants for the floors starting July 2020, another person said.