KINGSLEY INDUSTRY TRENDS
>> Office Q2 2011
Kingsley Associates Releases Second Quarter Office Industry Trends
FOR IMMEDIATE RELEASE
Tenant Space Needs Return to Pre-crash Levels
(SAN FRANCISCO–August 24, 2011) Office building tenants reported their greatest need for additional space since the financial crisis of 2008 during the four quarters ending June 30, 2011, according to Kingsley Associates' Q2 2011 Office Industry Trends. For the period, 14.7 percent of tenants anticipated a need for more space, the highest proportion since the 15.5 percent in Q3 2008 and up from a recent low of 12.1 percent in Q4 2009.
Tenant satisfaction also reached its highest level in the past three years. Kingsley Associates reports 85.7 percent of tenants reported their overall satisfaction at their building as "good" or "excellent," while 88.9 percent indicated satisfaction with property management specifically.
"Office owners and managers are clearly putting a renewed emphasis on customer service," noted Steve Kingsley, founder and CEO of Kingsley Associates. "When the recovery accelerates, this will certainly be a factor in tenants' loyalty to landlords." While this quarter's findings suggest that just such an acceleration may have begun, it remains to be seen what impact will be felt from the economic uncertainty in the wake of the August 5, 2011 downgrade of U.S. debt by Standard & Poor's.
Boston and San Francisco led major markets in the percentage of tenants anticipating more space (15.5 percent and 15.4 percent, respectively). San Francisco also had the second highest proportion of tenants for whom green building practices were important (68.0 percent). Miami had the highest proportion, at 68.4 percent. These and other findings are available in Kingsley Associates' Q2 2011 Office Trends available here.
Kingsley Associates surveys office tenants representing in excess of 800 million square feet annually on behalf of its clients. The findings outlined above are based on survey responses received between July 1, 2010 and June 30, 2011.
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About Kingsley Associates:
The most successful firms in real estate rely on Kingsley Associates for cutting-edge business intelligence solutions. With a depth and breadth of insight unmatched in the industry, Kingsley Associates brings thought leadership and passionate client service to every engagement. Kingsley Associates is a leader in tenant satisfaction surveys, resident satisfaction surveys, client perception studies, strategic consulting and operations benchmarking. To learn more, please visit our Website www.kingsleyassociates.com or our blog www.kingsleyinsight.com.
Contact:
Peggy Robinson
Vice President of Marketing
Kingsley Associates
probinson@kingsleyassociates.com or (770) 908-1220
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