New research from estate agent Knight Frank has revealed that skyscraper office rents in London are growing faster than in any other major city in the world.
The report, which reflects the cost of renting office space in tower buildings across key global cities, explains that London’s growth is partly due to a buoyant occupier market, which has seen vacancy rates reach the lowest level since 2001.
Paul Statham, CEO and Founder of workplace technology specialist Condeco Software believes that while companies invest considerable money into technology which analyses the markets they operate in, many of them fail to do the same when analysing how their own office operates and how the space is being used. With rental prices so high, it is vital for firms to make the most of this space and use it wisely to make a more collaborative and productive workplace.
Statham said: “These findings are just another reminder of how crucial it is for businesses to be aware of how they are using their space and to make sure that they are allocating resources properly. Yet so many businesses are flying blind on this matter, lacking the required data to make an informed decision. Businesses have been incredibly diligent in applying advanced analytics in order to better understand and serve their customers but internal analytics is generally nowhere near as detailed. The globalised nature of the economy means that the nature of the office and the nature of work is evolving and we believe that it is crucial for organisations to get to grips with this change and turn it to their advantage.
“Indeed, workplace tech is about so much more than cost-saving and efficiency. Understanding how office space is being used means that business leaders can use this information to transform their workplace into more collaborative and productive areas. And with the battle for talent getting increasingly intense, a well thought-out office can often be the deal-maker in attracting and retaining the very best employees.”