Avison Young has begun talks with its staff about downsizing across the globe as it pursues planned cost savings in response to the economic downturn.
The global brokerage giant has offered its UK staff the opportunity to take voluntary redundancy as part of the exercise in a bid to minimise compulsory redundancies. It says the move is a "critical step" in managing the impact of the economy on the real estate industry.
Staff were told about the decision at the end of last week.
Avison Young declined to say how many staff would be affected and in which areas but said in a statement: “This week Avison Young announced C$25 million (£15.77 millon) in cost reductions to our business, including staff downsizing. These actions are a critical step in managing the impact of the economy on our industry while also positioning ourselves for the future.
"This decision will impact most geographies and levels of the business and follows global cost containment initiatives; we aim to complete these actions as quickly as possible in compliance with all applicable laws. As a firm powered by people, these moves are never easy. Throughout this process, we are committed to treating all impacted staff members with the transparency, respect and support they deserve."
Toronto-headquartered Avison Young, which grew dramatically in the UK in 2019 via the acquisition of large-scale UK practice GVA, employs around 5,000 staff globally in 16 countries and more than 100 offices.
It offers a broad range of commercial real estate services, including transaction, management, financial and advisory services and has more than 225 million square feet of real estate under property management.
Avison Young joins peers CBRE and JLL in pursuing some staff cuts in response to the deteriorating global real estate markets.