Credit Suisse looks to sublet ICC office space
Bank tries to find new tenants for part of office, as it cuts costs amid tough environment
Zurich-based Credit Suisse has been seeking to sublet part of its office in the tallest building in Hong Kong as financial institutions cut costs amid what has been a challenging operating environment since last year.
Property agents have revealed that the bank started looking for tenants a few months ago to occupy more than 60,000 square feet, or three floors of vacant office space at the International Commerce Centre (ICC) in West Kowloon.
Credit Suisse is looking for occupants for the extra space on the 87th floor or above, representing about a fifth of its ICC office area, said a property broker, who declined to be named.
The bank occupies 10 storeys, or 300,000 sq ft, of the tower.
Global banks, including Morgan Stanley and UBS, are trimming jobs in Asia as an economic slowdown reduces demand from companies for investment banking services, according to Bloomberg. Barclays, Britain's second-largest bank, plans to eliminate at least 15 per cent of its investment banking positions in the region.
Gary Fok Cho-ping, head of commercial at property consultancy firm Cushman & Wakefield, said it was common for some large companies to sublet their premises. But he said financial services companies were now becoming more cautious when looking for office space.