Hong Kong Monetary Authority Relocates to International Commerce Centre
According to our reliable sources, the Hong Kong Monetary Authority (HKMA) is set to shift a substantial number of its workforce from its Pacific Place premises to the International Commerce Centre (ICC) in Kowloon. The relocation constitutes measure by the authority to cut down on rental costs and provide a roomier work environment for its over 100 staff members.
Premium Working Space at a Lower Cost
The HKMA has made a cost-saving decision by opting to lease three floors in the ICC, a property belonging to Sun Hung Kai Properties Ltd. The relocation comes after the HKMA chose not to renew its leasing agreement with Pacific Place, hence making a move towards a more pocket-friendly option. All the while, the HKMA’s headquarters will remain at the International Finance Centre, where no changes to their current workspace are planned.
Departments On the Move
The staff move will affect several departments within the HKMA, including banking conduct, banking policy, and the Hong Kong Academy of Finance, an HKMA-endorsed research center. The chosen new location, the ICC, is well-known for being a prime spot hosting high-grade office spaces and is a favored spot for international businesses.
A Wider Economic Trend
HKMA’s decision to relocate reflects a larger pattern observed among organizations moving to Kowloon in search of more affordable locations. This move is indicative of efforts to economize in an increasingly challenging Hong Kong real estate market. As an indication, the vacancy rate for the commercial real estate segment in the city soared past 16% in 2023. Concurrently, rent prices are set to experience a decline, with projections of up to a 10% dip.
- Over 100 HKMA employees to relocate from Pacific Place to the ICC
- HKMA attempts to reduce rental cost and provide a more spacious working environment
- HKMA’s decision mirrors a larger trend of seeking affordable locations in Kowloon
- Hong Kong’s commercial real estate sector observed a 16% vacancy rate in 2023
