SAN FRANCISCO, CA--(BUSINESS WIRE)--Office building tenants reported their greatest need for additional space since the financial crisis of 2008 during the four quarters ending June 30, 2011, according to Kingsley Associates' Q2 2011 Office Industry Trends.
For the period, 14.7 percent of tenants anticipated a need for more space, the highest proportion since the 15.5 percent in Q3 2008 and up from a recent low of 12.1 percent in Q4 2009.
Tenant satisfaction also reached its highest level in the past three years. Kingsley Associates reports 85.7 percent of tenants reported their overall satisfaction at their building as "good" or "excellent," while 88.9 percent indicated satisfaction with property management specifically.
"Office owners and managers are clearly putting a renewed emphasis on customer service," noted Steve Kingsley (top right photo), founder and CEO of Kingsley Associates. "When the recovery accelerates, this will certainly be a factor in tenants' loyalty to landlords."
While this quarter's findings suggest that just such an acceleration may have begun, it remains to be seen what impact will be felt from the economic uncertainty in the wake of the August 5, 2011 downgrade of U.S. debt by Standard & Poor's.
Boston and San Francisco led major markets in the percentage of tenants anticipating more space (15.5 percent and 15.4 percent, respectively).
San Francisco also had the second highest proportion of tenants for whom green building practices were important (68.0 percent).
Miami had the highest proportion, at 68.4 percent.
These and other findings are available in Kingsley Associates' Q2 2011 Office Trends available here:
Kingsley Associates surveys office tenants representing in excess of 800 million square feet annually on behalf of its clients. The findings outlined above are based on survey responses received between July 1, 2010 and June 30, 2011.
To learn more, please visit our Website http://www.kingsleyassociates.com/ or our blog http://www.kingsleyinsight.com./
Contacts
Kingsley Associates
Peggy Robinson, 770-908-1220
Vice President of Marketing
No comments:
Post a Comment