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THE Cheung Kong Centre is one of the most impressive skyscrapers on the Hong Kong skyline. Sixty-eight storeys tall, the building is the third-largest building in Hong Kong and home, among others, to Cheung Kong Holdings and several multinational firms. Of late, however, nearly a quarter of the skyscraper has been sitting vacant. This situation is true of many premium commercial spaces in the city — all of which have been seeing similar vacancies.
There are some unique factors affecting Hong Kong — its sealed border with mainland China presenting a problem for those firms that were using the city as a hub to manage operations in that country — but the downturn has been persistent.
On the other side of the world in the United States, where the Covid-19 pandemic has been brought under control by vaccines, the situation is far more dire. Predictions which said that office workers would be back en masse once Covid cases had tapered off, have proven inaccurate. Recent statistics from Manhattan revealed that even though the percentage of people travelling by air or attending sporting events had normalised to pre-pandemic levels, the offices have remained largely empty. Only 40-50 per cent of office workers in Manhattan come in every day. This has meant the subway system — a means of generating income for the city — has ridership that is much lower than capacity.
The situation is so bad that Mayor Eric Adams of New York is considering plans to permanently convert all the vacant...
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