COVID-19 hits new office requirements with tenants downsizing original space needs
These are the major Brisbane-based companies that are reducing office requirements in the wake of COVID-19 and the increase in staff who are now working from home.
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Six months is a long time in the coronavirus era and companies are pruning back their office space requirements from what they wanted before the March lockdown.
With thousands of CBD office workers working from home, the idea of multiple floors in a CBD office tower isn’t economically appealing.
McCullough Robertson, QIC and Credit Union Australia reassess their Brisbane office options
According to those in the industry along with less space needed flexibility is now the key in the COVID era and after the lockdown hiatus tenants are back in the market … for less.
We hear that Credit Union Australia — which had a 6000-8000sqm requirement and has short-listed 123 Albert Street and 300 George Street with the option of staying put at 145 Ann Street — are now seeking between 5000-6000 sqm.
There is also speculation that construction services company Ausenco (2000-4000sqm), QIC (10,000 sqm) and accountants KPMG (8000-11,000 sqm) will reduce their potential footprints.
We hear that Ausenco could cut back to 1500 sqm, QIC 8500 sqm and KPMG 6000 sqm to 8000 sqm.
There are also plenty of smaller companies downsizing their briefs.
Gaming developer Half Brick Studios did want 1000 sqm and now have a 500 sqm requirement; Dementia Australia has gone from 700 sqm to 450 sqm; software company Dassault Systemes from 1000-1200sqm down to 800 sqm and Synergies Economic Consulting from 250-350sqm down to 200 sqm.
Watch this space.
Brisbane Airport restructure
TOUGH times in the aviation industry has spilt over into the Brisbane Airport Corporation which recently underwent an organisational restructure in hand with a redundancy program earlier this month.
Over 100 jobs have been axed and one of those was Scott Douglas who joined BAC a year ago as executive general manager, Property.
With a 26 years of experience in the property game — his last role as investment general manager at QIC Global Real Estate — he’s sure to get another gig soon.
Meanwhile, BAC said the restructure will position it for the recovery of global aviation and enable it to take advantage of the immense potential Brisbane Airport has for future growth.
These changes combine its key aviation and commercial operations into two new departments.
The commercial team, headed by Martin Ryan, brings together retail (both in terminal and at our other commercial precincts), property development and management, and ground transport and parking operations into the one commercial business division.
The aviation department, to be headed by Jim Parashos, brings together our aviation business development, destination and aviation marketing, customer experience, terminal operations, and airside teams into one department.
For good measure BAC has also integrated Security and Emergency Planning into the newly named Governance group, to be led by Raechel Paris, which will align with risk and compliance, WHS, environment and sustainability.
Cushman & Wakefield shake up
There continues to be movement in the agency world and this time it’s at Cushman & Wakefield.
Experienced real estate professional Stephen Parker has joined the national Tenant Advisory Group at the agency’s Brisbane office.
Through his career he has had leadership roles with CBRE, Colliers International and Incorp.
On the other side of the coin Cushman has lost two members of its sales team — Joe Kennedy and Sam Callanan. They are currently on gardening leave having left their plush offices at The Riverside Centre.
Everyone is keeping quiet but we hear they will join Carl Charalambous’ C Property QLD team in Teneriffe. In what capacity we are not sure.
