PODCAST: Tenants firm up strategies for prized offices

Minimise the commute, double the experience, right-size the space: these have become the corporate sector’s guiding principles for securing a new workplace, according to a global cohort of office experts.

Their aim, ultimately, is attracting workers back to the office.

Landlords are playing their part, too, in what has been described as a race for the most coveted office building. They’ve been collaborating with tenants to provide ‘third spaces’ outside the home office and the traditional office; auditoriums and premium retail; food and beverage amenities; and community engagement.

“Tenants are very educated about their leasing decisions. They have a holistic view of what their future home will be and what that lease commitment will mean,” said Jessica Van Raay, senior director, tenant representation in South Australia and Victoria, speaking on a JLL webinar about leading office precincts around the world, available to listen to on the Perspectives podcast.

Limited development is keeping competition stiff, according to Simon Crotty, JLL senior director, leasing, in central London. He describes nearly half of occupiers in London refurbishing their existing offices, compared to 10% historically, because of concerns over a shortage of new buildings.

“We're now at that tipping point where occupiers have got the choice of going into the best-in-class product but in less core markets, or looking at slightly downgrading their aspirations but staying in the core,” Crotty said. It’s the latter that “they see as absolutely imperative for staff retention, attraction, and getting their employees back to work.”

Listen here or the full discussion, including a handpicked selection from the experts of the world’s leading office precincts.

Van Raay and Crotty are joined by Tim Ogilvie, executive vice president, brokerage, San Francisco Bay Area; James Montague, head of office leasing in Queensland, Australia; Katie Rodrigues, managing director of consulting, JLL Work Dynamics; and Sonya Alexander, head of workplace strategy consulting, APAC.