A Bloomberg Intelligence survey of 350 Hong Kong workers reveals that 27% would require a pay raise, preferably 6% or more, to abandon hybrid work arrangements in favour of full-time office work. Additionally, 24% are willing to switch jobs for more flexible working options. This shift towards hybrid work is prompting companies to consider reducing office space, potentially leading to a 6% drop in office rents in 2024. This follows a similar decline over the past three years and a record 16.4% vacancy in office space at the end of last year, according to CBRE Group Inc. Demand from mainland companies, a key driver of past rental surges, has also waned, with such firms accounting for only 11% of new leases in 2023. The survey respondents were chosen to represent diverse demographics in Hong Kong.
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