The U.K.’s productivity is lagging behind other G7 countries, and big corporate occupiers are concerned that landlords’ lack of property innovation may hamper efforts to move the U.K. up the productivity league table.
That was the finding of a survey carried out at the Property Directors Forum, which is made up of the heads of real estate at corporate occupiers, hosted by brokerage Avison Young.
Attendees at the event were asked to provide their thoughts on property innovation and the role landlords have in leading the way.
The survey revealed that not one of the property directors had been approached by their landlord to discuss property innovation. In fact, 40% of directors reported their landlord as being reluctant to innovate.
Those at the event said it was not all landlords’ fault: results from the survey also suggest property directors could do more to lead innovation, as more than half (53%) of property directors have not yet approached their landlord to discuss options.
With innovation considered essential to growth and increased productivity, 77% of the respondents said they will be investing in property innovation in the next 12 months, and more than 80% of property directors have carried out innovation initiatives in the last 12 months.
“What is prevalent from this survey is the importance of innovation and collaboration in moving the U.K. up the productivity league table,” Avison Young principal and U.K. Managing Director Jason Sibthorpe said. “Property directors are in agreement that property innovation must be prioritised in order to move the industry forward, as property will be expected to deliver more from less as the market toughens.”
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