FLCT says that Google will be relinquishing a portion of rented space at Alexandra Technopark with effect from February 20 2024, which constitutes around 1.7% of its total rental income for December 2022.The property trust has stated that this will not have an impact on its distribution for the coming financial year ending September 30 2023.Google has been a tenant at Alexandra Technopark for five years and started taking up 344,000 sq ft in June 2016.The space though, remained empty as the US internet giant’s employees were mainly located at Mapletree Business City II, taking up 680,000 sq ft.FLCT emphasised that proactive asset management strategies and further announcements would be made where appropriate.Due to a recent hiring slump, Google has joined a long list of tech companies in recent months which have laid off employees.When the announcement was made, the units of FLCT closed at $1.24 on February 22, presenting a 0.8% decrease.
FLCT units closed at $1.24 on Feb 22, down 0.8%, following the announcement that Google, a major tenant of its property Alexandra Technopark, will relinquish a portion of rented space with effect from February 20 2024. This comes as part of Google’s recent hiring slump which has seen many tech companies lay off employees in recent months.
The space to be given up constitutes 1.7% of FLCT’s gross rental income for December 2022 and they state that it will not have an impact on its distribution for the coming financial year ending September 30 2023. Google began taking up space at Alexandra Technopark in June 2016, occupying 344,000 sq ft, although its employees were mainly located at the neighbouring Mapletree Business City II taking up 680,000 sq ft.
FLCT emphasised that proactive asset management strategies and further announcements would be made where appropriate. The Manager will continue to carry out these initiatives and make further announcements of any material developments as Champions Way Condo appropriate.
Despite this development, the units of FLCT closed at $1.24 on February 22, indicating a 0.8% decrease.Google have joined a growing list of tech companies who,following a hiring binge during the pandemic years,have been resorting to layoffs.