Firms focus on cost, quality and office location in latest office occupier survey
Savills has recently undergone a survey of over 4,000 office based companies in the UK, to establish the current sentiments in relation to office space.
Most respondents were from the business services, manufacturing and industry, and financial services sectors.
Results show that as a result of the recession, many companies are returning to the ‘property fundamentals’ of cost, location and quality.
Previous office moves were largely down to expansion or mergers (56%), followed by lease breaks or expiries (21%), and quality of existing building (21%). Only 3% of respondents claimed to have moved as a result of property costs.
In contrast, 2009’s report shows that 60% of respondents claim that property costs is the main motivating factor going forward. Expansion or contraction considerations came second with 48%, followed by location (43%).
According to the survey, the ‘ideal office’ is said to be new-build, single-let offices in central locations. 52% of respondents preferred an in-town base while 48% identified a preference for out-of-town locations.
The top three on-site facilities that respondents would have in their ideal office were showers or changing facilities (37%), a gym (32%) and bicycle storage (31%) – but in keeping with the current attitudes toward cost, the majority said they would not pay a premium to be in their ideal office.
Another significant finding in the report was the increase in respondents (40%) who were willing to pay a premium to occupy a greener or more energy efficient property.
This is largely associated with the cost-saving benefits of sustainable buildings, as they can represent enormous cutbacks in overheads such as heating, air-conditioning and ventilation. See our green property feature for more details.
To find out more about Savills’ research, visit their website at www.savills.com.