2023 Fall Issue of Urban Land - 136

What are the most important environmental factors
informing workspace strategy?
Source: JLL, The Instant Group
and is in a buzzy, cultural hub is one way that
landlords can future-proof an office building,
especially in the context of smaller footprints.
Energy efficiency rising in priority for
office leasing choices
In addition to adapting workspace requirements
to changing work patterns, companies
are putting greater focus on the environmental
credentials of the offices they occupy.
As occupiers and building owners look
to reduce their carbon footprint, the use of
renewable energy sources in office buildings
has become an increasingly important topic.
Buildings with greater use of renewables and
such energy-efficient features as LED lighting,
efficient HVAC systems, and solar panels can
lead to a reduction in the overall operational
occupancy costs by reducing energy expenses
and maintenance costs associated with traditional
energy sources. Additionally, buildings
with sustainable energy systems have been
linked to improved indoor air quality, and to
increased user comfort and satisfaction.
Impact on values
As leases change, 62 percent of landlords
expect a decrease in capital values with the
current valuation model, which focuses on
136
URBAN LAND FALL 2023
longevity of contracts and regularity of sustained
rental income.
Landlords will increasingly need to consider
new ways of monetizing value-added pay-peruse
services and flexible contractual agreements
enabling tenants to scale up and down
their space requirements accordingly.
Office valuation and financing has historically
been focused on traditional long-term
contracts. As offices shift to become more
operational in nature, with fluctuating income
streams from different amenities and services,
discounted cash-flow models could become
a better way to value offices and ensure their
long-term financial and sustainable viability.
While offices adapt to the shift in the world
of work sparked by Covid, which looks set
to endure, it is clear that physical workplaces
still play a key role for businesses to attract
and retain talent, convey corporate culture,
and enhance employee productivity. However,
occupiers have not yet fully worked out
how much space they need and which types
of spaces. As a result, they need a flexible
approach from landlords partnering with them
on this journey. UL
SIMON CHINN is an urban economist, and vice president of
research and advisory services for ULI Europe.

2023 Fall Issue of Urban Land

Table of Contents for the Digital Edition of 2023 Fall Issue of Urban Land

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