Some office space could get permanently cut during the pandemic. Here's how companies will cope

Morgan Stanley predicts that office tenants across Asia will permanently give up between 3% and 9% of their existing office space.

People stand along Victoria Harbour in the Tsim Sha Tsui district as Bank of China Tower, center left, and other buildings on Hong Kong island stand in Hong Kong, China.Working from home has become the norm during the coronavirus pandemic, and Morgan Stanley predicts that office tenants across Asia will permanently give up between 3% and 9% of their existing office space.

Below is the projected rental impact from June 2020 to December 2022, according to the report which assessed the rental impact on key financial centers in Asia Pacific.Tokyo: -9% decline. Year-to-date actual increase: +3%Sydney: -5%. Year-to-date actual decline: -2%Those estimates are based on the bank's base case in which 40% of all employers, with IT infrastructure workers, returning between 10% and 15% of their space.

Another strategy would identify some functions that can be permanently done from home, such as human resources or other back-office jobs. Companies could also look into relocating some roles to low-cost locations such as India or Vietnam, according to the report.

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