The Mandatory Provident Fund Schemes Authority (MPFA) in Hong Kong is following in the footsteps of many other companies that are cutting down on office space to save costs. The pension regulator and its electronic platform, eMPF, will be consolidating their offices, shutting down their current locations and relocating to The Millennity in Kwun Tong on April 24th. The downsizing will result in a cost saving of HKD14m (USD1.8m) per year in rent and reduce the total office area by more than 20%. The move is also expected to improve internal communication among colleagues and enhance operational efficiency. Hong Kong's depressed office-rental market is beginning to pick up, with leasing activity rising in February due to lower rents.