Commercial Property Market
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1 Occupier Survey 2011 Unrivalled views on commercial property
2 This is the tenth Strutt & Parker Occupier Survey which tracks the views of Occupiers of commercial property and related topical issues. Our survey was sent to 300 companies across the Office, Retail and Industrial sectors and followed up with a telephone interview to provide the data on which our survey is based. There continues to be an optimistic business outlook throughout the UK, with 63% of respondents indicating that they are more confident than last year and 53% expecting expansion in the next 3 years. Only 12% of respondents anticipate that they will decrease in size over the next 3 years. It is encouraging that 88% of respondents (an increase of 20% when compared to our last years survey) are aware that there is a Code of Practice in place to ensure tenants are treated fairly when negotiating the terms of new leases. There is continued recognition and support for government initiatives for reducing carbon emissions and the environment in commercial buildings. 42% of respondents reported that it is now more important to them than in previous years. The last 2 years have been challenging for many businesses and 30% of respondents saw their property portfolio s decrease in terms of number of properties. 54% recorded no change and 16% reported an increase in the number of properties their business occupies. Surprisingly 34% of respondents are still unaware that there was a rating revaluation of all commercial property with effect from 1st April Only 53% pursue empty rate savings for part empty space or adjacent building works. If you have any questions in relation to the results of our survey, wish to discuss matters concerning your occupational property portfolio, or would like further information on the services we can provide, please do not hesitate to contact: Michael Baker Head of Corporate Solutions Tel: michael.baker@struttandparker.com Strutt & Parker 13 Hill Street London W1J 5LQ 63% of market commentators from our survey are more optimistic about their business in Occupier Survey
3 Pie chart 1 Optimistic outlook Lessons learnt and the way forward Despite the challenging and well publicised credit crunch around the world and in the financial markets, there is an optimistic business outlook among the contributors from our survey. 63% of respondents indicated that they were more confident about their business sector than they were last year and 53% are expecting business expansion in the next 3 years. Only 12% of respondents anticipated they would decrease in size over the next 3 years. Q: Is your company more of less confident about their business sector than it was last year? More 63% Less 18% Same 19% The last 2 Pie years chart have 1 been challenging for many businesses and 30% of respondents saw their property portfolio s decrease in terms of number of properties. 54% recorded no change and 16% reported Pie chart an increase 1 in the number of properties their businesses occupy. Q: How has the number of commercial properties occupied by your company changed in the last year? The market downturn has prompted many companies to review their business strategies and streamline the way they operate creating greater business efficiencies and productivity whilst striving to maximise profit. Q: How have the current market conditions changed your company s attitude to its property requirements? Pie chart 11 36% of companies believe they will consolidate and have fewer properties within their portfolio and 25% of respondents will be seeking shorter leases. Only 4% of companies are of the opinion they will add more properties to their portfolio. Property cost mitigation Fewer properties 36% More properties 4% Smaller properties 12% Larger properties 12% Shorter leases 25% Freehold 11% Surprisingly 34% of companies are still unaware that there was a rating revaluation of all commercial property with effect from 1st Pie April chart Only 53% of respondents pursue empty rate savings for part empty space or adjacent building works. Increased 16% Stayed the same 54% Decreased 30% Q: Are you aware there was a revaluation of all commercial property with effect from 1st April 2010, to rebase the rates Pie tax chart collected 18 by government? Yes 66% No 34% 130,000 sq ft In the last 12 months our West End team has transacted 26% of the 500,000 sq ft of Grade A office space leased in Mayfair and St James s. Pie chart 18 Pie chart 11 Pie chart 11 4 Occupier Survey 2011 Occupier Survey
4 The occupational market is becoming polarised between those with a robust strategic approach to property and those who remain at the mercy of market forces. 6 Occupier Survey 2011 Occupier Survey
5 Pie chart 20 Pie chart 18 Lease events Pie chart - Should 18 I stay or should I go...? RICS service charge code Q: How far in advance of a lease break or expiry do you begin Pie to chart prepare 18 for it? 12 months+ 68% 12 months- 32% 68% of respondents start thinking about key lease events earlier than the preceding 12 months leading up to the lease event. It is interesting to note that 82% of respondents seldom exercise an option Pie to chart break 14 a lease (52% rarely and 30% occasionally). 15% of respondents say they often exercise a break option whilst 3% say they always exercise a break. The RICS might be happy to hear that the Code of Practice on Leasing Business Premises is well known amongst those who took part in our survey. However they will be less pleased to hear that 40% of respondents were of the Code of Practice on Service Charges in Commercial Property. The Code is not mandatory and while it promotes best practice for standards and structure of service charges, there is scope for Landlords not to comply with it. Members of the RICS should advise Landlord clients to conform to the practices recommended in this Code, (or give good reasons why they have not Pie done chart so). 20 Q: Are you aware that your landlord should comply with RICS Guidance in the delivery of your service charge? Yes 60% No 40% Q: How often do you exercise break options? Pie chart 15 Pie chart 15 Rarely 52% Occasionally 30% Often 15% Always 3% Despite the fact that nearly 57% of our respondents indicated that Pie chart 25 they had not had disputes with their landlords in relation to service charges, of the 41% who have had such a dispute, 83% indicated that the disputes had been resolved satisfactorily. Wider knowledge of the Service Charge Code by tenants and wider compliance of the code by landlords should help to reduce the significant number of unsatisfactorily resolved disputes. Pie chart 15 Code of Practice on Leasing Business Premises In 2007, the Royal Institution of Chartered Surveyors (RICS) introduced a Code of Practice on Leasing Business Premises, with the aim of ensuring that tenants are treated fairly when negotiating new lease terms with their landlords. Pie chart 16 It is encouraging that 88% of respondents (an increase of 20% when compared to our 2008 survey) now appreciate that there is a Code Pie of Practice. chart 2 Q: Are you aware that there is a Code of Practice in place to ensure Pie chart that 2tenants are treated fairly when negotiating terms of a new lease? Pie chart 2 Yes 88% No 12% Instructed to acquire 200 retail units across the UK & Ireland in the next 2 years Pie chart 20 Pie chart 20 8 Occupier Survey 2011 Occupier Survey
6 The decision maker Strutt & Parker Corporate Solutions Team And finally... Be Proactive! Property Pie continues chart 18to be handled by a variety of personnel within companies. More companies do tend to have dedicated property teams however responsibility is frequently shared between human resources, facility managers and company secretaries. Companies Pie chart who have 25 directors dealing with their property have increased to 68% of those surveyed, up significantly from the 44% of companies in the 2008 survey. Q: Who mainly deals with property within your company? Strutt & Parker s Corporate Solutions team is based in the London Head Office, and is dedicated to working solely for occupiers, which is to the benefit of tenants, as it avoids potential conflicts of interest when dealing with landlords. Our objective at all times is to achieve the best results for our clients, be it in securing the best possible terms upon acquisition of a new property or lease renewal, the lowest rent at review, mitigating business rates liabilities or rationalising the occupational property portfolio to ensure maximum performance from the company s operational premises. Property is a resource not a liability. Used as an asset, it will work with the business rather than against it. There are clear and substantial money saving benefits to having a proactive property strategy. Savings are there to be made if tenants take advantage of break clauses, sub-lettings and rationalisation opportunities. Companies should fully consider existing and new lease terms at times of major internal changes or new acquisitions. Property department 22% Human Resources 4% Facilities manager 41% Company secretary 33% SPAN In addition the Corporate Solutions team have developed SPAN, which is Strutt & Parker s web based computer property portfolio management system. The system provides the facility for detailing lease terms and obligations, photographs of the properties, lease and licence documents in PDF format and a variety of property alerts and reporting functions. Tenants are often dissatisfied with their landlords. Opportunities should be exploited to maintain better relationships with property owners. Property Pie needs chart to 16 be dealt with by senior directors within the company, so that it can be strategically discussed at board level. Property is a major factor and cost in any business, and in order for it to be considered properly and aligned to the business needs those dealing with it need to have due influence within the company. SPAN is an effective tool assisting a significant proportion of our clients in the management of occupational property portfolios and the implementation of proactive property strategies. Environmental awareness There is continued awareness and support for Government initiatives for reducing carbon emissions and the environment in commercial Pie chart buildings % of respondents reported that it is now more important than in previous years. Q: Are green / environmental issues for your business more important or the same as they were last year? Pie chart 2 More 42% Same 58% We have been advising occupiers and property owners on energy efficiency and renewable energy projects for a number of years, putting our Energy team at the forefront of this fast-changing and even faster growing sector. Advising a distribution client on the portfolio management and multiple-acquisition of new units across the UK. 10 Occupier Survey 2011 Occupier Survey Pie chart 20
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