The new chief executive comes to the job from a career in office property, and has to manage the fallout as that sector takes its most serious turn since the GFC.
Campbell Hanan didn’t plan on a career in property. The man who has been property developer Mirvac’s chief executive for a month simply saw his first job in office leasing as a decent vantage point from which, hopefully, he could spot other opportunities in the workforce.
“It’s been a great expansionary environment. And ultimately, it’s probably not a surprise that we’re now starting to see inflation come back into the environment. It’s probably not a surprise, [but] probably the speed it’s come. Yeah, it’s been a surprise,” Hanan says in a meeting room on the 28th floor of Mirvac’s Sydney headquarters. The executive joined Mirvac in 2016.
“It’s a great broad degree, but it doesn’t really prepare you for much,” he says. “So I spent a lot of time trying to think about things I really liked and didn’t like, and the things I was good at and not good at, and then try and craft a career around them.” The fund – now rebranded MWOF – was the troubled AMP Capital’s crown jewel, home to iconic buildings such as Quay Quarter Tower, Brookfield Place and Angel Place in Sydney and Collins Place in Melbourne.
Mirvac’s two big office markets, Sydney and Melbourne, have recorded 14 per cent and 15 per cent vacancy rates respectively, but the Mirvac portfolio has a vacancy rate of just 3.5 per cent across the two capitals.
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