COMMERCIAL PROPERTY, SALES & LEASINGCORONAVIRUS COVID-19 PANDEMIC

Servcorp winds back US expansion

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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.

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