Satisfaction... (tenants can get some!)

In today’s fast-paced world, everything tends to change with great rapidity: tenants’ expectations, their points of view, as well as their priorities. Each time we adjust our methodology to incorporate the widest variety of opinions; therefore the updated questionnaire has been devised to include more information on the issues identified as of high relevance by tenants. We have to say, however, that the atmosphere around this year’s survey has been special. Many of our interviewers were greeted with open arms. For some new properties this was the first opportunity to be included in the research, for their tenants’ opinions to be heard, and to have the chance to win the tenant satisfaction award – so we would like to welcome all those involved in these projects and to wish you all the best for the future. This year’s survey covered 51 office buildings, 29 shopping centres and 17 warehouses. The buildings were chosen from several geographical regions and with a preference for facilities with a high number of tenants. The questionnaires were drawn up to cover each specific aspect of all the different types of project (i.e. office buildings, shopping centres, warehouses). With each survey we try to reach the largest possible number of tenants. Due to the differentiated nature of tenants in office buildings, shopping centres and warehouses, we chose two methods as the most suitable. The study for shopping centres was carried out using the PAPI method (Paper and Pencil Interview), whereas for offices and warehouses the CATI method (Computer and Telephone Interview) was mostly employed. To obtain a better understanding of tenants’ priorities, we set out a range of criteria specific for each project type. The respondents were asked to order them from the most to the least relevant.

Office buildings:

The location; the rent, fees, costs; the working conditions; the building (alteration options, amenities, environmental friendliness, parking); the aesthetics and the layout of the building; the management

Shopping centres:

The location; The rent/fees/cost; The marketing/PR The tenant mix; The effectiveness of management activity; The building (technical specifications, aesthetics and architectural design); The layout and signing

Warehouses:

The rent/fees/costs; the location; the building (technical state, facilities, quality); the infrastructure and storage equipment; the parking and manoeuvring space; the effectiveness of management activity; the opportunity to make changes and improvements

Regardless of the differences in the types of buildings, the tenants were almost unanimous in their view that the location and the level of rent are the first criteria to be taken into account when choosing premises. An ideal building in the opinion of tenants is one that is in a good location with modest rent. Both factors were given almost equal importance (72.4 pct for location and 71.7 pct for rent) by the tenants of shopping centres, as this is seen as a determining factor in the number of visitors and revenue levels. For office tenants the location (79.6 pct) is important, especially in terms of convenient access for employees. For warehouses, which tend to be highly focused on cost effectiveness, rent and fees was given a score of 84.4 pct for relevance, whereas location scored 75.2 pct. The tenants pointed out a number of aspects that they think need to be improved in rented facilities, such as the number of parking spaces or the functioning of the air conditioning. Tenants were also asked: if they were looking for office space now, would they lease space in the same project again? Among the shopping centre tenants, 92 pct would make the same decision (compared to 83 pct last year). For office buildings the proportion was 84 pct – a 9-point increase on last year. Meanwhile, for warehouses the level remained unchanged from 2013 at 74 pct. All in all, the differences between tenants’ main priorities were minor and the most important factors affecting their decisions have remained the same. In comparison to last year’s research, the satisfaction of office building and shopping centre tenants has increased, as evidenced by the response to the question about leasing the same premises once again. ν