Operational property is increasingly recognized as an important asset capable of effective management. Indeed, premises can play a significant role by affecting organizational productivity and supporting corporate mission. Many organizations occupy leased properties owned by investment institutions which aim to benefit from their assets through capital appreciation and rental return. The achievement of these objectives can be related to the facilities value of an office building as determined by design/quality and tenant organization characteristics. Reports the results of a post-occupancy evaluation survey carried out in the City of London. The results illustrate the variability of tenant characteristics, their property requirements and their perceptions of functional performance. The use of building performance appraisal techniques within the investment management function is necessary for the creation of value for both parties. Suggests that facilities management professionals with expertise in the measurement and benchmarking of building performance are well placed for providing unbiased information to investment decision makers.Evaluating office environments using tenant organization perceptions
Office buildings in the City of London accommodate a wide variety of tenant organisations whose business characteristics and property requirements differ. Physical design/quality attributes also differ between buildings and, therefore, either constrain or support specific business activities. The results of a survey carried out using a sample of investment properties and their tenants within the City illustrate the existence of these variations. In particular, the difference between tenant organizations' perceived supply and demand for individual building design/quality factors is highlighted showing areas of general under-performance. The owners of City of London office buildings, typically the financial institutions, are concerned with the functionality of their properties which influence the short-and long-term returns of this particular type of asset. Information originating from the utilisation of building appraisal techniques is of considerable use within any property management decision-making process and in particular the identification of potential problems associated with building obsolescence.
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