DBS is reportedly the latest to join the wave of global banks and multinationals that are cutting down office occupancy in Hong Kong.
DBS will surrender a quarter of the eight floors it occupies in one of its Hong Kong offices – One Island East Tower – according to a «Bloomberg» report citing unnamed sources.
The office is located outside of Hong Kong’s central business district in Quarry Bay.
MNC Exodus
DBS joins other global banks, like Standard Chartered and BNP Paribas, in shedding Hong Kong office stock.
In fact, multinationals accounted for 75 percent of surrendered office space in the city last year, according to Cushman & Wakefield, amid growing adoption of flexible work arrangements.
In November last year, DBS said it would allow its employees to work remotely for as much as 40 percent of the time due to the pandemic.
