Office Asset Optimisation

OPTIMISATION FOR TOMORROW

ASSET SERVICES EMEA

INTRODUCTION PAGE 01

ADDRESSING ESG RISK & OPPORTUNITY PAGE 07

CHANGING TENANT REQUIREMENTS PAGE 17

ADDRESSING THE COST CONUNDRUM PAGE 25

CONTENTS

LEVERS AVAILABLE TO OPTIMISE AN OFFICE PAGE 31

STRATEGIES TO MAXIMISE INCOME/VALUE PAGE 37

CONCLUSION PAGE 43

ASSET SERVICES PAGE 47

INTRODUCTION

INTRODUCTION

OFFICE ASSET OPTIMISATION FOR TOMORROW

Rethinking your office asset – optimising in the current market environment Just as the retail and industrial sectors have undergone structural change over the past decade, now is the turn of the office sector.

The fact that this structural change is occurring at the same time as the global economy is encountering cyclical headwinds in the form of high inflation, rising interest rates and slowing growth, makes the situation even more challenging. However, building owners cannot ignore that their office assets are under pressure and therefore need to respond in a strategic manner to changing occupier needs as well as regulatory requirements.

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TOP CHALLENGES FOR OFFICE ASSET MANAGERS

CHANGING TRENDS IN OFFICE MANAGEMENT

TOP TRENDS IN OFFICES 2010

TOP TRENDS IN OFFICES IN 2024

SUSTAINABILITY COMPLIANCE

TENANT SATISFACTION AND WELLBEING

OFFICE ASSET OPTIMISATION FOR TOMORROW

VALUE FOR MONEY

FLIGHT TO QUALITY

TENANT RETENTION AND HELPING TO ATTRACT EMPLOYEES BACK TO THE OFFICE

INCREASED ADOPTION OF FLEXIBLE WORKING PRACTICES

PROXIMITY TO PUBLIC TRANSPORT

SUSTAINABILITY RATING

ON-SITE WELLNESS & WELLBEING OF OCCUPIERS

FLOOR PLATE SIZE

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END OF TRIP FACILITIES

INCREASING TECHNOLOGY LOAD

IDENTIFYING THE CORRECT LEVEL OF AMENITY AND SERVICES

TECHNOLOGY

AMENITY AND PUBLIC TRANSPORT ACCESS

CUSTOMER PERCEPTION

ABILITY TO ACCOMMODATE FLEXIBLE FIT OUTS

MAINTAINING BUILDING RELEVANCE

AVAILABLE CASHFLOW TO REPOSITION /RETHINK THE ASSET

DENSIFICATION

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ADDRESSING ESG RISK & OPPORTUNITY

Environmental, Social, and Governance (ESG) considerations have become critical for office asset managers and owners in order to effectively manage investor and tenant demand.

Understand the asset’s current performance against current and pending legislative updates with the EU Taxonomy and Energy Performance Building Directive (EPBD) respectively.

Implement asset level governance reporting standards and climate risk assessment, this could be linked to ISO 14001 or 50001, building certifications or social value frameworks to measure and improve performance against and over time, and to mitigate or plan for future risk.

This is against a backdrop of mounting regulatory pressures across Europe to achieve not only environmental performance standards¹ but to also generate social value. The good news is that many sustainability measures make positive business cases from the outset. However, it is important to set realistic sustainability investment targets that are aligned with the overall return metrics for the asset. For example, targeting payback periods for sustainability that match target annual returns for the asset or portfolio.

More widely, investment into ESG shouldn’t just be viewed through the lens of meeting legislative compliance or achieving a certain sustainability

OFFICE ASSET OPTIMISATION FOR TOMORROW

rating. Rather, sustainability investment can drive financial

returns through greater operational efficiency, tenant attraction/retention and appealing to potential investors while simultaneously staying ahead of forthcoming regulatory compliance. Regarding integration of external social impact factors in the office sector, asset owners can evaluate the success of their social programs by measuring local job creation or public amenity creation, rather than purely thinking of it in terms of a valuation uplift. The positive effect of looking at integrating social factors into downstream can lead to brand enhancement.

Identify capital planning requirements to improve the asset to compliant standards and Net Zero standards and build this into cash flow modelling. The delta between compliance and Net Zero may not be as investment difference as expected.

Offer transparency to tenants on the current performance and future performance trajectory to meet targets such as Net Zero Carbon – to align with the Sustainability strategies of the occupiers, and provide confidence that there is a plan to improve sustainability credentials of the asset. This can be strengthened by offering green leases to tenants.

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¹https://www.cushmanwakefield. com/en/united-kingdom/insights/ obsolescence-to-opportunity-emea

Implement robust energy management and HVAC optimisation programmes to manage the asset as efficiently as possible.

While there is no “one-size-fits-all” solution, the following areas could provide opportunities for office asset managers and owners when seeking improvement in ESG credentials for operational assets:

At a portfolio level using smart and effective tools like Cushman & Wakefield’s Green Buildings Tool can help map assets that are of priority in your portfolio.

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Cost, Talent and ESG are the three main drivers for real estate decision making. While acknowledging there will be nuances between occupiers, certain trends are becoming increasingly clear. There is a “flight to quality”, though this should not always be interpreted as a “flight to premium” and quality is often inextricably linked with a strong sustainability certification from a physical environment and wellbeing perspective. The needs of tenants are changing. Many tenants themselves are still trying to understand the quality and quantity of space that they need given the rise of flexible working strategies and the associated impacts not only on where employees work, but also how they work. UNDERSTANDING CHANGING TENANT REQUIREMENTS

Major blue-chip tenants are indeed seeking premium grade assets to occupy, but there are also a host of other tenants for whom premium grade rents are out of their price range. Rather tenants are seeking the best premises they can afford, even if this means taking slightly less space. The reason for this is cost and talent retention, which are driving forces in building selection. Accordingly, location is a primary consideration. From there tenants are becoming more discerning in assessing the building’s structure, its services, the surrounding setting and finally the curation of experience. With regard to these last two points, the potential to partner with neighbouring or like-minded landlords should be explored, especially across larger assets and precincts, to create destination zones. Asset owners are therefore advised to go beyond traditional office assessment metrics and objectively view their asset through the eyes of the tenant.

OFFICE ASSET OPTIMISATION FOR TOMORROW

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COST Location / Market cycle / Space requirement / lease structure

OFFICE ASSET OPTIMISATION FOR TOMORROW

CARBON

Hybrid work models / Wellbeing / inclusive design / Amenity

Net Zero commitments / Green design / brand promise

CULTURE

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Looking to the future, the role of the asset manager needs to evolve from predominantly focusing on the invisible basics which people only notice when they go wrong, the building, equipment, maintenance, and cleaning services, the ‘Mechanics’ of the workplace experience to also focus more on the ‘Humanics’,

the interpersonal workplace experience that creates emotional and meaningful workplace connections. This means optimising the experience opportunities, both mechanic and humanic. https://www.cushmanwakefield. com/en/united-kingdom/insights/re working-the-workplace

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CASE STUDY

WORLD TRADE CENTRE ROTTERDAM

This iconic and historic building in the centre of Rotterdam underwent an optimisation strategy to increase its appeal as an office location, but also as a leisure precinct Both a short-term asset improvement process and a longer-term optimisation program were undertaken.

OFFICE ASSET OPTIMISATION FOR TOMORROW

Initially hospitality services were put into the building including a customer focussed ServiceDesk to support tenant satisfaction and experience. Vacant office space was also repurposed to offer more appeal to the community beyond office workers. New facilities including a restaurant, coffee bar, gym and business centre were created to enhance visitor appeal. Following this, an extensive masterplan

A comprehensive refurbishment was undertaken of the entire interior of the building, with office space upgraded to match the latest trends in tenant demand. A 170-room hotel opening in the building in 2021, as well as a high-end French Brasserie and fitness centre. In addition, an extensive sustainability program was implemented which included installing solar panels, renewable energy and climate control systems, which took the building from a G climate rating to A++. This program

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was undertaken for the asset to optimise it well into the future.

sets a new bar in the sustainable retrofitting of historic buildings.

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CHANGING TENANT REQUIREMENTS

Experience per Square Foot™ (XSF) Is a long running bespoke workplace analysis and strategy tool that stands as one of the largest databases on employee experience globally. XSF has in excess of 11 million data points from both pre- and post-pandemic eras. In the landlord-focussed module, XSF scores the overall tenant experience and uncovers the drivers of that experience.

It allows Cushman & Wakefield to identify for building owners, what to invest in that which will make the most impact to the tenant experience and therefore prioritises capital expenditure requirements. The impact of these investments on the occupant experience can then be tracked as part of a continuous improvement plan. XSF scores the tenant experience with six key experience outcomes that address: the desire for occupants to continue working in the building, is the building welcoming, do occupants feel supported and safe; does the building add value to their in-office experience; and does it allow them to build a community and relationships beyond their company. XSF then digs into the various building experience attributes and identifies the drivers of the tenant experience and how well those drivers are performing. Topics include attendance drivers, building operations, spaces and layout, types of programs and

For example, one landlord discovered that the occupants were much more driven by having access to pop up retail and restaurants and not the fitness and wellness programs. Furthermore, we could identify the type of pop-up retail that matters most. The insights can be segmented by tenant type to better understand which types of companies and which industries are better suited to a building. Through data and insight provided by XSF, building owners can move from uncertainty to confidence in the investments they make which is something lacking in many tenant surveys and apps currently available.

OFFICE ASSET OPTIMISATION FOR TOMORROW

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events, amenities and services, together with overall building satisfaction.

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OFFICE REGULARS ATTEND IN PURSUIT OF PRODUCTIVITY How do office drivers cited by Office Regulars differ from those cited by Hybrid and remote employees?

PERCENT OF RESPONDENTS

Q. What are the main reasons you would choose to come to the office instead of working from home? (Set up to 3)

Office Regulars

Hybrid & Remote

Variance

OFFICE ASSET OPTIMISATION FOR TOMORROW

Better workspace setup

22%

10%

+12%

To be with my team or manager

27%

16%

+12%

Office regulars are more likely than Hybrid & Remote employees to come to the office to boost productivity.

Face-to-face meetings with coworkers, clients, or ven dors

26%

16%

+10%

Better access to tools and physical resources

27%

18%

+9%

Easier to learn and develop

14%

6%

+8%

PRODUCTIVITY

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Easier to focus

13%

6%

+8%

Office regulars are more likely to come to the office because...

Visibility to leadership

14%

17%

-3%

Office regulars are less likely than Hybrid & Remote employees to come to the office to connect with coworkers.

Easier collaboration

21%

24%

-3%

I feel more connected to the company culture

8%

11%

-3%

Easier to socialise with coworkers

40%

50%

-10%

CONNECTION

Office regulars less likely to come to the office because...

Source: C&W Experience per Square Foot™ survey results from January 1, 2022 - September 1 2023; n=9,142 Office regulars are employees working from office 3+days/week. Hybrid and remote employees are those working from the office 2 days/week or less

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CASE STUDY

DIAGONAL 123

BARCELONA, SPAIN Diagonal 123, a 10,170 sqm office building located where Avenida Diagonal meets the 22@ District, lies in the heart of one of the most sought-after office locations in the city. Diagonal 123 underwent an asset optimisation strategy to reposition the building as the new technological and innovation centre of Barcelona, and one of the most important in the whole of Europe.

OFFICE ASSET OPTIMISATION FOR TOMORROW

A full capital works renovation program was undertaken to reposition the asset to meet occupier demand post pandemic. This included creating flexible work environments, a redesign of common areas, creation of experiences for the tenants and their employees, as well as the implementation of improved quality and sustainability standards. The objective was to provide a human centred response to companies that want to attract talent back to the office with an experience that enhanced collaboration and a sense of belonging.

The team created wellbeing and immersive experiences for its occupants, as well as having sustainability at the core purpose of the building. Tactics included enhanced air quality, thermal comfort, restortative spaces and sporting facilities.

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As a result of this recent transformation, the building is

currently occupied by companies such as Dow Jones, Veriff, Te Conectivity and Robert Walters.

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ADDRESSING THE COST CONUNDRUM

ADDRESSING THE COST CONUNDRUM

It is against this backdrop of structural change, that cyclical pressures have become more acute

It is acknowledged that budgetary discipline has always been important, but during the previous cycle undertaking capital works was financially easier. As capitalisation rates continued to compress, capital expenditure programmes could be more readily written off against the increasing value of the asset. Asset owners are now facing a reverse paradigm, where assets are becoming increasingly expensive to operate as well as potentially requiring significant capital works at a time when debt is expensive and asset values are falling. Arguably the questions around structural changes are most prevalent in the office sector, which has generally resulted in stronger yield decompression compared to other sectors. Accordingly, there is greater pressure for office owners to innovate and provide adequate responses to keep their asset(s) relevant to the market. Competition to secure tenants is forecast to intensify given the forecast net new supply of almost 8.5 million square metres through to the end of 2026 compared to forecast net demand of 7.3 million square metres.

Increasing sustainability regulatory compliance, albeit at varying speeds across the region, are an imperative to upgrade asset quality for some landlords, though tenants will continue to compare potential office space locations against their competitor set. This means all asset owners will need to establish a schedule of works specifically for sustainability. However, such works should form part of wider capital and operational expense planning. This does not always involve large scale works, but can be small-scale projects such as hosting community events, providing flexible work spaces or organising group wellness activities. The message here is that while there are likely to be periods when substantial capital expenditure

INPUT COSTS

RUNNING COSTS

ASSET VALUE

OFFICE ASSET OPTIMISATION FOR TOMORROW

• OFFICE

• OPERATIONAL EXPENDITURE HAS RISEN 10-20%. • PRIME RENTS IN

• COST OF DEBT HAS RISEN 350-400BPS • CAPITAL EXPENDITURE HAS RISEN 20-25%

CAPITALISATION RATES HAVE SOFTENED BY 90BPS SINCE Q1 2022

EUROPE HAVE RISEN BY 15% ON AVERAGE OVER THE LAST 5 YEARS.

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is required, it should be part of an ongoing plan of continuous improvement of the asset.

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CASE STUDY

SECOYA CAMPUS

UTRECHT, NETHERLANDS

To optimise long-term and sustainable income, this 36,000 sqm business park underwent a comprehensive asset planning process following the COVID-19 pandemic. Detailed analysis was undertaken on the lease profile of each tenant and assessed against the market potential. Modelling was done around WALT, incentives, rental levels to determine the optimal tenancy mix and profile. In addition, a complete refurbishment was undertaken of the foyer, restaurant and meeting facilities to meet the latest in tenant requirements. As a result, various rental contracts have been extended (at market level), securing an improvement in the income stream.

OFFICE ASSET OPTIMISATION FOR TOMORROW

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Property Management, Office Consultancy, Project & Development Services provided by Cushman & Wakefield

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LEVERS AVAILABLE TO OPTIMISE AN OFFICE ASSET

LEVERS AVAILABLE TO OPTIMISE AN OFFICE ASSET:

TENANT EXPERIENCE

TECHNOLOGY

• Tech free zones • Health and Wellness spaces • Circular and modular design • Hosted experiences building community events • End of trip facilities • Inclusive access and design • Tenant apps / seamless digital communication

• Face-recognition entry • Occupancy tracking • Health & safety via touchless technology • Preventative maintenance • Sensors • Digital twins • AI-based systems to detect and handle market anomalies

OFFICE ASSET OPTIMISATION FOR TOMORROW

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T E

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LEASE STRUCTURE

BROADEN THE OFFERING

• Lease structures that allow risk sharing + co-operation • Expansion space / flexible clauses

• Flex spaces • Rooftop terraces • Conference facilities • Food halls • Lounge facilities • Wellbeing & Wellness areas

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• Shorter leases • Green leasing

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INTEGRATION WITH LOCAL COMMUNITY

ESG

• Prioritise energy efficiency • Allow for scalable occupancy • Promote recycling • Biophilia, natural materials • Outdoor spaces, terraces, roof/ winter garden • Data sharing with tenants • Co-investment with tenants

• Consider social impact of the asset • Community installations internally & externally • Charity events • Local businesses integrated into supply chain • Mixed use spaces inviting the community in eg leisure

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• Ethical supply chains • Introduce green leases • Inclusive design

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RETHINKING OR REPURPOSING

N

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WHAT DO THEY MEAN?

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With 76% of European office stock facing the risk of obsolescence, it is imperative that landlords take a strategic approach to their assets to “rethink” their future.

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OFFICE ASSET OPTIMISATION FOR TOMORROW

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S

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This consists of a 3 stage plan of: Assess, Analyse and Action.

RETHINKING TEAM EXPERTS IN REPOSITIONING & REPURPOSING

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&

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J E C

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REPOSITIONING Is upgrading an asset whilst retaining its primary purpose.

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REPURPOSING Is finding a new use for an asset or site which is obsolete in its current purpose

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T I

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V E

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I N

Source: Cushman & Wakefield. “Rethinking Properties.” https://www.cushmanwakefield.com/en/united kingdom/services/rethinking-properties

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STRATEGIES TO MAXIMISE INCOME/VALUE

STRATEGIES TO MAXIMISE INCOME/VALUE The metrics of office asset management are evolving due to both structural and cyclical changes, requiring an even more rigorous and disciplined approach. This has to start with adopting best in class processes and reporting. Only in this way can accurate assessment of the cost and revenue flows be derived. Some of the key objectives to feed into any office asset optimisation program should include:

TO DRIVE CUSTOMER EXPERIENCE AND COMPLEMENT ONLINE CHANNELS LEVERAGE TECHNOLOGY

OFFICE ASSET OPTIMISATION FOR TOMORROW

SELECT LONG-TERM SUSTAINABLE TENANTS AS YOUR PARTNERS

ENSURE ESG COMPLIANCE

DEVELOPING ESG STRATEGIES

WHICH INCLUDES ADDRESSING THE “S”.

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IDENTIFY VALUE ADD TECHNOLOGY OPPORTUNITIES

DRIVE OPERATIONAL EFFICIENCY

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Once operational efficiencies are in place, focus can then turn to higher value strategies. Over the past several years, real estate investments have generated steady cash flow and returns. This reality has changed and real estate players have been hit across the value chain such as through reduced operating income and a more clouded operating environment for buildings and tenants alike. While some of the impacts are temporary, others are expected to be more permanent, transforming the future of certain asset classes. Across almost every asset class potential longer-term effects must be considered as well as the required changes that these shifts are likely to bring. This means assessment and reassessment of “risk”. A deeper analysis of existing assets and portfolios is required through the analysis of upside and downside scenarios to identify assets with most operational risks and how to get best positioned for them to adapt to the changing operating environment. Business plans and capital expenditure then need to be adjusted accordingly to ensure they incorporate the relevant value add propositions. As part of this, owners of real estate need to act more flexibly by delivering an active management solution with a focus on sustainability, as well as tenant experience and wellbeing. This requires a change in mindset, from a focus on “service” to a focus on “experience”, which is built on a deep understanding of each building’s story and then curating events that cater to the tenant base. In turn this creates an environment where tenants’ employees want to go and feel part of a community; driving occupier satisfaction and employee engagement to improve retention and enhance commercial opportunities.

Accordingly, data and analytic insights are fundamental to making strategic decisions regarding commercial lease negotiations, asset valuation and improved tenant experience and operations. Technology and digital solutions will be among critical enablers to usher in the new era of real estate, allowing not only the customisation of spaces according to occupant needs (e.g. temperature, humidity) but also taking building management to the next level and addressing sustainability and affordability. Fundamentally, the future of asset optimisation is founded upon landlords and asset managers creating a more transparent and collaborative relationship between owner and occupier to respond to global market trends.

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CONCLUSION

CONCLUSION

From there, each building will require not only its own expenditure and maintenance program, as while offices will continue to be required, they cannot continue operating in the way they have done previously. Occupier expectations have increased significantly, with technology, sustainability and wellbeing now at the heart of their needs. Furthermore, these requirements have only been accelerated as a consequence of the pandemic. Consequently, the office sector needs to reinvent itself to stay relevant. However, achieving top-level performance in a multi tenanted office building has its challenges. Landlords must consider the many factors that contribute to a building’s ESG, energy efficiency, and wellness such as building design, base building systems, management, operation and maintenance, tenant build-out, and occupier behaviour. The best performing buildings have one important element in common: tenants and landlords working together toward a unified goal of efficiency and wellbeing.

The current operating environment for office asset owners is beset with a raft of difficulties, but at the same time presents numerous opportunities to reset and rethink the services an office building provides as well as how it operates.

The way forward is rigorous analysis of each asset, with the acceptance that not all assets will be viable into the future. This potentially means rationalising the size of the portfolio.

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ANALYSE

RATIONALISE

STRATEGISE

ACTION

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ABOUT ASSET SERVICES

ABOUT ASSET SERVICES

Our data-driven approach to asset services means that we are constantly trialling and implementing best-in-class technology for the office assets we manage. Whether this is intelligent building systems to improve ESG performance, or customer experience technology to drive customer loyalty and revenue, digital lease documentation platforms to create efficiencies or AI, we ensure our clients have the latest insights to assist with decision making. Building tenant loyalty lies at the heart of our approach to the management of office assets. We understand how to curate the tenant experience. We deploy tenant experience technology to help our clients achieve an authentic tenant experience that is relevant to the local community in which the asset is located. This consistency results in improved tenant loyalty, higher occupancy levels and operating income. We know sustainability plans are only as good as their ability to be executed. Our in-house ESG team not only designs sustainability strategies but has the skilled experts on the ground to execute them. We are making practical changes to existing buildings every day to improve their sustainability performance as well as their social impact in the community. From sustainability strategies, to compliance, managing climate risk, driving operational efficiency and delivering net zero, we ensure our clients are making a positive impact on our planet as well as their portfolio.

We know that the performance of an office asset is dependent upon a symbiotic relationship between the owner, and client. Too often asset management strategies don’t take into account the requirements of these three stakeholders. We work hard to make sure we build long term, sustainable value to the asset by working closely with owners, and clients.

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CONTACTS

SUSANA CLARKE HEAD OF COMMERCIAL STRATEGY & ACCOUNTS ASSET SERVICES EMEA

T: +34 661 767 940 susana.clarke@cushwake.com

T: +44 7825421977 james.woodhead@cushwake.com JAMES WOODHEAD HEAD OF ESG EMEA

DR. DOMINIC BROWN HEAD OF INTERNATIONAL RESEARCH

T: +61 431 947 161 dominic.brown@cushwake.com

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ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

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