COMMERCIAL PROPERTY, SALES & LEASINGCORONAVIRUS COVID-19 PANDEMIC

Servcorp winds back US expansion

Print Friendly, PDF & Email

SYDNEY based serviced office provider Servcorp will cut its US footprint in half, closing 12 offices to focus on core markets including Chicago and New York.

Each of its locations in Atlanta, Dallas, San Francisco and Los Angeles will close, as will its sites in Miami and Philadelphia. Washington DC will retain one of its two sites.

Five locations will remain in New York and two in each of Chicago and Houston.

The one-off cash cost of the reorganisation to be $5.5 million.

“Our reorganisation of the USA does not mean Servcorp’s global footprint will shrink. Indeed, in this time of opportunity, we are passively looking for locations in which to expand in early calendar year 2021,” the company’s ASX announcement said.

Servcorp operates 127 floors in 43 cities across 21 countries.

Related posts
AND FINALLY

Servcorp director steps down

RICK Holliday-Smith will resign as a non-executive director of serviced offices and co-working space…
Read more
REAL ESTATE INVESTMENT TRUSTS & FUNDS

Servcorp posts 46pc profit growth

DESPITE weaker performance in the United States and the negative publicity surrounding WeWork…
Read more
REAL ESTATE INVESTMENT TRUSTS & FUNDS

Servcorp profit falls, but business stabilising

GLOBAL serviced office space provider Servcorp believes its business has stabilised, amid growing…
Read more