Although cost control remains a key priority, this year has seen international financial institutions display stronger leasing demand for office space in key Asian financial hubs following several years of right-sizing and consolidation.
Western financial institutions have been particularly active in relocating to areas with comparatively better availability of new space or outside CBDs in search of lower rental costs.
Key trends impacting the financial industry at present include FinTech; the growth of which is transforming the sector in terms of the delivery of financial services, the medium of transactions and the approach to business analysis.
Banks are responding to this challenge by opening innovation labs and accelerator programmes; upskilling I.T. staff and establishing data centres and tech campuses; and optimising retail banking networks – all of which has begun to influence their real estate requirements.