The move shows how draconian staff cuts and work-from-home practices are for the office market. The software company looks to shrink to one building from three in the western suburb.
Office market woes are growing as the long tail of COVID-19's impact on the workplace increasingly surfaces as leases expire. Meanwhile, rising interest rates and lender caution are adding to the issues multitenant office building owners face.
The firm of engineers, architects and surveyors has had a job-growth spurt that may propel its 110 staffers to a new home at Great Northern Corporate Center from the LaCentre office building.
This time it's an empty four-floor structure in Westlake that's been hit with bank action on its loan because the ownership failed to pay most of the property taxes since 2019.
A multimillion-dollar office and retail project first proposed in 2019 prior to the pandemic is starting to rise from the ground on a 16-acre site at 2207 Crocker Road, Westlake.