Standard Chartered Bank has taken up 38,000 square feet of space at Two International Finance Centre (Two IFC) in Central to consolidate its enlarged global markets team in a single office after its takeover of Cazenove Asia.
More than 400 staff will move into the new offices, including about 100 former Cazenove employees who at present occupy an office floor at Exchange Square in Central. The bank declined to say what would become of the Exchange Square premises.
'The relocation allows us to put the global markets team on to the same floor for better communication and thus increased efficiency,' a spokeswoman said.
Sundeep Bhandari, the managing director and regional head of Northeast Asia for global markets at the bank, told Bloomberg the staff would move into Sun Hung Kai Properties' Two IFC by September or October.
Property agents said the bank leased the space on the 11th and 12th floors of the building. The space was previously occupied by Ernst & Young, which halved its space at Two IFC and moved some departments to offices in Taikoo Shing.
The average rents for a whole office floor at Two IFC had fallen to below HK$100 per square foot from about HK$160 per square foot a year ago, agents said.
According to property consultant DTZ, average office rent in Central dropped 22 per cent to HK$82 per square foot by the end of last month from HK$105 per square foot in early January. The vacancy rate increased to 4.1 per cent from 2.1 per cent during the same period.