Hong Kong Workers Demand 6% Raise for Full-Time Office Return

Adoption of hybrid work models by companies could lead to further decline in office rents.

Over a quarter of Hong Kong workers surveyed would demand a pay raise, with most seeking an increase of 6% or more, if required to return to the office full-time.
Nearly a quarter of the respondents would consider changing jobs to maintain flexible work arrangements.
Companies adopting hybrid work models to attract talent may lead to a further 6% drop in office rents in 2024.
Office rents in Hong Kong have been falling at a similar pace annually over the past three years.
Mainland companies, which previously contributed to rental increases, accounted for only 11% of new leases in 2023, down from 18% in 2021.