Sanderson, DC; (2015) Determinants of satisfaction amongst occupiers of commercial property. In: Book of Proceedings of the 22nd Annual European Real Estate Society Conference. (pp. pp. 149-170). Urban and Environmental Planning and Research Center, ITU: Istanbul, Turkey.

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Abstract

PURPOSE: In order to maximise rental income, landlords must attract and retain occupiers. The purpose of this research is to help landlords and property managers understand what aspects of property management matter most to occupiers DESIGN/METHODOLOGY/APPROACH:This paper uses structural equation modelling and regression to analyse 4400 interviews with retailers, office tenants and occupiers of industrial property in the UK, conducted over a 12-year period. INTERVEL:scale ratings of satisfaction with many aspects of occupancy are used as explanatory variables. The dependent variables are satisfaction with property management, value for money, overall occupier satisfaction and landlord reputation. FINDINGS: For all three sectors of commercial property examined, the aspects with most impact on occupiers’ satisfaction with property management are found to be communication, understanding business needs and responsiveness to requests. For occupiers’ overall satisfaction, the key determinants vary between property sectors, whilst the professionalism of the property manager has an impact on occupiers’ willingness to recommend their landlord. Billing and documentation, cleanliness and maintenance of the property, strongly influence occupiers’ perception of receiving value for money for rent and service charge. Research limitations/implications LIMITATIONS:The sample is skewed towards occupiers of prime UK commercial property, owned by landlords who care sufficiently about their tenants to commission studies into occupier satisfaction. PRACTICAL IMPLICATIONS:This research will help investors in UK commercial property and building managers decide where to focus their CREM efforts to increase tenant retention and advocacy. ORIGINALITY/VALUE: There has been little academic research into the determinants of satisfaction of occupiers of UK commercial property. This large-scale study enables the most influential factors to be identified and prioritised, and reveals the similarities and differences between occupiers in the three property sectors evaluated: retail, office and industrial.

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