IT firms most likely to pursue office expansion in the next two years

More than half (56%) of IT firms plan to expand.

Firms in the Information Technology (IT) space are the most keen to expand their office footprint, according to Colliers’ “Hong Kong Occupier Survey 2023:Determining the new normal” report.

Data from the report showed that more than five in 10 (56%) IT firms want to pursue office expansion in the next two years, higher than the overall average (26%).

Apart from IT firms, several businesses in the Banking & Finance and Insurance space (35%) are also keen to expand their offices.

More than half of firms across all sectors, meanwhile, plan to maintain their current office footprint (53%).

Some (21%) plan to downsize their office likely due to “weakened global demand and heightened trade friction,” said Colliers.

According to occupiers surveyed, cost optimisation (71%) and adapting to shrinking business demand (55%) have been the major drivers for them to downsize office space.

Some occupiers are also downsizing because of relocation capacity to mainland China
(14%), Singapore (13%) or other countries (9%).