Private office completions in Hong Kong surged to a 23-year high last year.

New built offices jumped by more than four times to 351,300 square meters in 2022, of which Grade-A offices accounted for 299,300 sq m, according to the data from the Rating and Valuation Department.

The office rental index slid by 0.7 percent month-on-month in January but rents of Grade-A offices in Sheung Wan and Central rose 1.6 percent.

The data came as Bloomberg said BNP Paribas intends to move the majority of its Hong Kong staff out of the Central business district as the lender looks to cut costs and adjust to the post-Covid era.

The bank's asset management business is already located in Lincoln House at Taikoo Place in Quarry Bay.

It currently occupies four floors in Two International Finance Centre, according to its website.

The move is set to take place as soon as next year and some bankers may remain in the Central office, it added.