COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Foreign firms give up office spaces in Hong Kong

Foreign companies make up 61% of the total surrender of office stock in Q2.

Multinational companies surrendered more office space in Hong Kong last quarter as the economy deteriorated amidst the pandemic, pushing the city’s vacancy rate to the highest in 15 years, according to Cushman & Wakefield.

Foreign companies made up 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.

“There’s no particular area or one type of industry, it’s fairly widespread,” said Keith Hemshall, head of office services in Hong Kong at the firm. “That really is a result of cost-cutting and retraction of head count.”

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