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Hong Kong property
Business
Alex Barnes
Alex Barnes

Concrete Analysis | Changing work dynamics inject new life into Hong Kong’s prime office sector

  • Employees in Asia-Pacific prefer to spend three days a week in the office on average, according to a JLL survey, up from two days in a study a year earlier
  • A shift in working practices has driven a flight to quality in Hong Kong’s grade A office market as demand for space revives

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Fatigue caused by working from home regime has prompted more workers in Asia-Pacific to crave for a return to offices. Photo: Bloomberg
Alex Barnes
Covid-19 has driven a well-documented shift in working practices, with work-from-home policies providing flexibility to previously office-bound roles. However, employees are showing signs of missing the social interaction and professional work environment provided by the office.
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JLL’s latest Worker Preference Barometer, which asked respondents across Asia Pacific, revealed that employees would like to spend three days a week in the office on average, up from just two days in a year-earlier survey. The study found that working from home was taking a mental toll on some workers, with many craving a better work-life balance and a sense of belonging. Hong Kong’s lack of suitable home working space for most employees, creates a further challenge.

Companies are having to pay closer attention to employee health and well-being, reimagining their workspaces to create a strong sense of community and culture to attract and retain talent. The new work environment needs to offer an impactful variety, with different spaces for quiet work, collaboration and reflection, as well as access to areas for rounded wellness.

Two Taikoo Place, to be completed in the second quarter 2022, will create a building community that integrates wellness facilities and communal multifunctional working spaces, among others. Photo: Handout
Two Taikoo Place, to be completed in the second quarter 2022, will create a building community that integrates wellness facilities and communal multifunctional working spaces, among others. Photo: Handout

This has driven a flight to quality in Hong Kong’s grade A office market. After a subdued 2020, during which companies focused on managing the short-term challenges created by Covid-19, pent up demand has started coming through in 2021.

Organisations moving premises are typically looking for larger floor plates that can be used as a blank canvas to create spaces that reflect their corporate ethos. This trend is particularly noticeable among large multinational corporations that may have occupied their current premises for multiple years and have layouts that are increasingly redundant against evolving worker preferences.

The need to refresh workspaces has coincided with an increased focus on sustainability, with many companies setting emissions targets. Corporate tenants are therefore seeking out buildings with globally-recognised sustainability and wellness ratings. Deeper partnership solutions with landlords are increasingly attractive as they support sustainability goals.

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Landlords are responding to this with new sustainably-focused developments catering towards community productisation that brings greater amenity flexibility and facilities for talent that companies can leverage outside their own space.

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