Hong Kong’s leading law firms are downsizing their office space in prime areas due to reduced activity in mergers, acquisitions, and IPOs amid economic challenges. Deacons, the city’s oldest law firm, plans to release one floor in Alexandra House, located in the Central business district, by year’s end. Similarly, DLA Piper has cut its space in Exchange Square by 5,000 square feet. Firms like Clyde and Co and MinterEllison are also considering reducing their rental footprints. Despite these moves, Hongkong Land reports high occupancy and renewal rates in its Central properties. DLA Piper cites financial considerations, a flexible working policy, and the aim for closer staff collaboration as reasons behind its decision.