Foreign Firms Surrendering More Hong Kong Office Space
- More multinational companies scale back in Hong Kong: Cushman
- Available space in the city rises to the highest in 15 years
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Multinational companies surrendered more office space in Hong Kong last quarter as the economy deteriorated amid the pandemic, pushing the city’s vacancy rate to the highest in 15 years, according to Cushman & Wakefield Plc.
Foreign companies made up of 61% of the total surrender of office stock in the second quarter, up from 47% in the previous quarter, the property agency said in a briefing with reporters Tuesday. Cushman didn’t name any of the firms vacating space.