From Fortune:

More Hong Kong workers may demand raises to stay in the office, driving companies to reduce space and lower office rents. 27% of workers have already requested a pay increase of at least 6% to work in the office five days a week. Amid this trend, it’s expected that rents will fall by at least 6% in 2024.

The office sector in Hong Kong is facing many challenges, including a record 16.4% of empty office space at the end of last year. Also, the city saw miniscule demand from mainland companies and a significant decline in new leases from these firms. This sector is experiencing a major shift due to the pandemic and related changes in work arrangements.

To add to the situation, a Bloomberg Intelligence survey indicates that 20% of workers in Tokyo said they would insist on a raise to stay, and 16% would seek out new jobs entirely. Tokyo is also facing similar challenges in terms of work arrangements and office space. Both Hong Kong and Tokyo are places to watch for significant changes in office culture and space usage.



Read more: Hong Kong workers demanding raises to return to office full-time: survey