Baker & McKenzie is reported as being in the hunt for more office space in Sydney. As noted by the Sydney Morning Herald:
Hopes that Sydney’s office vacancy rate will not reach double-digits are growing with more companies planning to expand and take advantage of the current favourable rental conditions… Incentives, such as free office fit-outs, accounted for about 25 per cent of new rental deals, rental growth remained about 6 per cent, with an overall occupancy of 97 per cent. The law firm Baker & McKenzie … [appointed] CB Richard Ellis to look for new space of up to 9000 sq m in Sydney. It is understood the firm, which occupies levels 24-30 of the AMP Centre at 50 Bridge Street, is looking for a lease term of five to 10 years, but with an arrival date of mid-2011 at the latest.
Sounds like Bakers wants a free office fit-out, but would such a financial coup result in any gain trickling through to ordinary Baker & McKenzie employees? Apparently not; Bakers is rumoured to have subjected all staff to a pay-freeze after allegedly having halved its graduate intake and sacked several workers.
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