Law firms vote for prestige over value as lure of central Hong Kong withstands soaring office costs
Office space in Hong Kong's central business district (CBD) may be more expensive than anywhere else in the world, but leading global law firms have little intention of following the lead of other professional services businesses and moving into cheaper areas. Proximity to banks and other clients, combined with competition for mandates and partners, means property analysts predict firms will stay put despite cutting costs in other areas. The predictions come despite a report by real estate consultancy CB Richards Ellis (CBRE) finding that annual occupancy costs in central Hong Kong stand at $248.83 (£155.38) per sq ft – higher than any other market.
Proximity to banks and clients keeps practices in central Hong Kong despite costs, writes Elizabeth Broomhall
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