Real Estate

office rentals in Asia to decline


People stand along Victoria Harbour in the Tsim Sha Tsui district as Bank of China Tower, center left, and other buildings on Hong Kong island stand in Hong Kong, China.

Justin Chin | Bloomberg | Getty Images

Working from home has become the norm during the coronavirus pandemic, and Morgan Stanley predicts that office tenants across Asia will permanently give up between 3% and 9% of their existing office space.

That will result in rent declining between 10% and 15% over the next three years, a recent report by the investment bank estimated.

Big tenants from the financial and IT industries, which have well established business continuity plans or work-from-home infrastructure, could give up…


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