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Societe Generale to give up one floor of Hong Kong offices as remote working takes hold
- French bank latest financial firm to reduce office space as more lenders embrace work-from-home policies
- Lease for Three Pacific Place offices had been set to expire this year
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Societe Generale plans to give up one floor of its offices at Three Pacific Place in Hong Kong later this year, the latest financial institution to rethink its real estate footprint as more companies embrace remote working following the coronavirus pandemic.
The French bank opted, as part of its latest lease renewal at the office building complex owned by Swire Properties, to surrender one of the seven floors it occupies. The new lease, which runs for five years, begins in October.
The bank began assessing, as early as 2019, different options regarding its lease renewal, factoring in increased expectations by staff to work from home, the convenience of its location near the Admiralty MTR station and the costs of moving, a SocGen spokesman said.
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“We have therefore concluded a stay at PP3 and will release one floor to integrate increased usage of remote working, further accelerated by the pandemic crisis, and the ability to refurbish offices to provide a better and more user-friendly experience for our employees,” the spokesman said.
The typical floor area for an office at Three Pacific Place is 15,000 square feet, with an asking price of HK$110 (US$14) per square foot a month.
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