bp Considers Reducing Property Portfolio By Half in Flexible Working Move

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14 August 2020 | Updated 24 November 2020

The multinational oil company is considering closing half of its properties in some locations, in a move towards flexible working for 50,000+ office-based employees.

Due to the effects of COVID-19 and the need to deploy teams remotely, bp is ordering a review into their current office space needs. 

Chief Executive Bernard Looney told the Guardian last week that: “There’s no question that work patterns are changing and bp will be no exception to that. We expect to move to a more hybrid work style which will be a mixture of home and office [working].”

As yet, no final decision regarding renewing leases or the selling of properties have been made.

Lease at Canary Wharf Until 2024

As reported by The Guardian, bp plans to cut its workforce by 15 per cent by the end of 2020, representing 10,000 roles.

bp currently leases over six floors of office space at 20 Canada Square, E14, with the lease due to expire in 2024.

It is thought that the company, in line with its net-zero plans, will prioritise smaller office spaces and flexible working with less reliance on bricks and mortar working spaces.

Picture: A photograph of a laptop computer

Article written by Ella Tansley | Published 14 August 2020

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