Rental cost has proved the key factor followed by retention of key staff in the decision to acquire new office space in Central London, with energy efficiency and green issues cited as the least important influencing factor, according to Knight Frank’s Central London Occupier survey which questioned more than 100 directors responsible for real estate at some of the largest companies located within London’s City, Docklands, and West End markets.
The respondents cover some of the largest office occupiers within Central London collectively employing circa 40,000 staff and occupying in excess of 10 million sq ft.
Despite much emphasis being placed upon green issues in recent years, energy efficiency was ranked tenth with respondents citing it as the least important influencing factor, followed by a higher building profile which was ranked ninth.
Bradley Baker, head of central London tenant representation, Knight Frank said: “Whilst the green agenda and sustainability issues are fundamental to the future of office buildings, our research has surprisingly shown that as economic markets suffer, such requirements become less of a priority to central London office occupiers looking to acquire new space: cost and retention of staff become key. We forecast that once the markets return, occupiers will again focus on the importance of sustainability.”