Our clients’ operational model and business need for commercial office space in Melbourne was changing. It was forecast to create a 15% surplus capacity within their office portfolio.
Melbourne Property Strategy involved progressively reducing expenditure across this client’s Melbourne office portfolio which initially comprised 10 properties (3 owned) and was reduced to a total of 4 office properties at the end of the project. This was achieved over a 3 year period whereby Urbis managed the implementation of a complex strategy that refurbished 32,544sqm of A-grade office accommodation, completed tenancy movements across 12,200 employees, exited 6 buildings and reduced total occupancy within the Melbourne by 37,247sqm (19%).
“By closely understanding our clients’ operational need we delivered a better workplace for staff and substantially reduced operating costs for shareholders.
Our client was able to reduce its operating costs by $34M pa (17%) and simplify/streamline its occupation across fewer buildings. It was also able to reduce the risk and uncertainty associated with multiple leases.