Service: Agency | Sector: London Offices | Contact: Michael Barlow
An outlook helps to brighten employee’s day-to-day work experience and also impress clients too, but is this really worth the extra cost to the business?
In core London submarkets occupiers may pay as much as £10-£15 per sq ft more. The unwritten rule is that an aspect can be quantified in valuation, but it seems strange to pay more for an element external to the product.
Front-page rental deals throughout Central London are accompanied by a view, such as the Smithson Plaza, 25 St James’s Street, marketed by Gerald Eve, but does this affect productivity?
It is a hot topic, with concerns being voiced over the UK in particular. The British Council for Offices’ recent ‘Defining and Measuring Productivity in Offices’ research suggested that productivity benefits of 2% to 3% could be gained by improving the working environment.
So, does a fantastic view improve the workplace, or simply act as a distraction? In my opinion it is unlikely that an employee would gaze out of a window for a prolonged period and go unnoticed. The novelty will wear off quickly and managerial performance measures are in place to prevent such occurrences, therefore I doubt output would be affected in the long term.
Significant evidence exists supporting the link between wellbeing at work and productivity. Job satisfaction plays into this and if an employee walks into a premium office with great views then they may feel they have achieved career goals. Satisfied staff tend to be retained which arguably increases long term productivity.
Overall, in my opinion, having a view provides an additional aspect other than large breakout areas to help inspire and retain high quality staff, a key element to any business.