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Glasgow Workplace Profile

CATALYST


Glasgow Workplace Profile Q1 2014.


Contents. • Office Portfolio. • Office Space. • Occupier Profile. • Space Analysis. • Workstyle Analysis. • Utilisation Analysis. • Workspace Analysis. • Occupancy Costs. • Workplace Models. • Workplace Metrics. • Workplace Trends.

Glasgow Workplace Profile Q1 2014.


Office Portfolio. The workplace study is focused on a portfolio of office buildings located within the Central Business District and Broomielaw.

47

150

330

Buildings

Offices

Floors

Glasgow Workplace Profile Q1 2014.


Blythswood Square

We st G e

et

Argyle St

Queen

Street

Central Station

George Square an Str eet

Waterloo Stre

et

Bucha n

ent Str e

Hope Street

Pitt Stre et

St Vin c

Queen St Station

orge S treet

reet

Broomielaw

Central Business District & Broomielaw.

Glasgow Workplace Profile Q1 2014.


Office Space. The quality of the 47 office buildings and size of the 150 office suites are illustrated in the charts.

Quality.

Size.

Grade A, B & C.

Size category & number of office suites. 60000

A 21 Buildings 180,751-sq.m 61%

10

B

50000

17 Buildings 79,337-sq.m

40000

34 13

27%

3

C 12%

15

45

30000

3

20000

4

9 Buildings 35,214-sq.m

10000

23 sq.m 0

<500 sq.m

500 to 1,000 sq.m

Glasgow Workplace Profile Q1 2014.

1,000 to 2,000 sq.m

2,000 to 3,000 sq.m

3,000 to 4,000 sq.m

4,000 to 5,000 sq.m

5,000 to 7,000 sq.m

7,000 to 9,000 sq.m

>9,000 sq.m


295,302 sq.m NIA

Glasgow Workplace Profile Q1 2014.


Occupier Profile. The workplace study analyses the office space occupied by 121 businesses within 8 industry sectors employing 23,864 FTE.

Space.

Headcount.

SQ.M by sector – Private 80% Public 20%

FTE by sector – Private 83% Public 17%

100000

8000

90000

7000

80000

6000 70000

5000

60000 50000

4000

40000

3000

30000

2000 20000

1000

10000

sq.m 0

Glasgow Workplace Profile Q1 2014.

Technology

Public

Professional

Insurance

Finance

Energy

Corporate

Banking

TMT

Public

Professional

Insurance

Finance

Energy

Corporate

Banking

FTE 0


121 23,864 Businesses

FTE

Glasgow Workplace Profile Q1 2014.


Glasgow Workplace Profile Q1 2014.


Glasgow IFSD.

Glasgow Workplace Profile Q1 2014.


Space Analysis. The primary use of the office space and the population & workstation densities are illustrated in the charts. 25,186 workstations are provided for 23,864 FTE within the open plan and cellular workspaces.

Space Use.

Density.

Space use â&#x20AC;&#x201C; by category.

FTE population density â&#x20AC;&#x201C; by range.

140000

10000

41%

9000

36%

120000 8000

29%

100000

7000

24%

6000

80000

5000

60000

4000

14%

14%

13%

11%

40000

2000

5%

20000

11%

3000

2%

1000

sq.m 0

FTE 0

Open Plan

Cellular Office

Ancillary

Flexible

Support & Storage

Services

Circulation

Glasgow Workplace Profile Q1 2014.

< 10-sq.m

10 to 12-sq.m

12 to 14-sq.m

> 14-sq.m


12.3 11.7

Population sq.m FTE

Workstation sq.m Desk

Glasgow Workplace Profile Q1 2014.


Workstyle Analysis. The results of a survey to identify current and emerging workstyles are illustrated in the diagram. The analysis is based on a sample of 9 occupiers with 4,435 FTE in 58,542-sq.m. EMF 11%

Traditional.

Workstyle A Team anchor

Workstyle % by FTE.

Workstyle B

IF Internally fixed

Process worker

G 8%

H 3%

A 13%

Workstyle C Customer facing

B 13%

F 19%

Workstyle D

IF 26%

IM

Modern. IEM 39%

Internally mobile

IM 24%

Knowledge worker

C 2%

Workstyle E Specialist/ expert

E 20%

D 22%

Workstyle F

EMF 16%

IEM

IF 20%

Internally & externally mobile

Manager/ executive

Workstyle G Nomad/ traveller

Workstyle H

Agile. EMF

IM 20%

Externally mobile & fixed IEM 44%

Home/ remote

Glasgow Workplace Profile Q1 2014.


60% Agility Ratio

Glasgow Workplace Profile Q1 2014.


Utilisation Analysis. The results of electronic monitoring and people count surveys are illustrated in the charts. The utilisation survey is based on a sample of 7 occupiers with 2,997 FTE in 36,248-sq.m.

Occupancy.

Workstations.

Typical daily occupancy profile.

Average & Peak utilisation at workstations.

100

100

90

90

80

80

70

70

60

60

50

50

40

40

30

30

20

20

10

%

10 %

0

0

68% 58% Peak

54%

45% 34% 21%

9pm

8pm

8.30pm

7pm

7.30pm

6pm

6.30pm

5pm

5.30pm

4pm

4.30pm

3pm

3.30pm

2pm

2pm

2.30pm

1pm

1.30pm

12noon

12

12.30pm

11am

11.30am

10am

10.30am

9am

9am

9.30am

8am

8.30am

7am

7.30am

6am

6.30am

Ave

5pm

Glasgow Workplace Profile Q1 2014.

Open Plan

20% 15%

Cellular Office

Ancillary

Flexible

3,308

2,076

Workstations

Work Positions


Empty 52% to 67%

Average 33%

Average & Peak utilisation across all workstations, desks and work positions (total 5,384).

Peak 15%

Workstation Utilisation.

33%

48%

Average

Peak

Glasgow Workplace Profile Q1 2014.


Workspace Analysis. Applying the results of the space analysis and utilisation analysis for the 7 occupiers with 2,997 FTE and 5,384 work positions in 36,248-sq.m illustrates average space utilisation at 48% (17,400-sq.m) and peak utilisation at 70% (25,400-sq.m).

Space Utilisation.

Density.

Average & Peak utilisation by space category â&#x20AC;&#x201C; sq.m NIA.

2,997 FTE/ 3,308 workstations/ 36,248-sq.m.

16000

30

sq.m.

26.8

25

20.9

14000

20

Unoccupied

15

12000

10.9

12.1

FTE

Desk

10 10000

5 0

8000

Peak 6000

Average

Peak

Ave

Headline

Effective

Utilisation

Utilisation

4000

Effective Density.

2000

Population density adjusted to reflect actual workstation utilisation at 45% average and 58% peak.

0 Open Plan

Cellular Office

Ancillary

Flexible

Support & Storage

Services

Circulation

Glasgow Workplace Profile Q1 2014.


Space Utilisation.

48%

70%

Average

Peak

Glasgow Workplace Profile Q1 2014.


Occupancy Costs. IPD Cost Code analysis of the property occupancy costs for the 150 office suites at 295,302-sq.m provides a total occupancy cost of £179.3m/pa (excluding business support, ICT and VAT).

Cost Measures.

Benchmarks.

Portfolio average £607-sq.m/pa and £7,466 FTE/pa.

Grade A, B & C; plus portfolio average & peak costs.

90,000,000

1000

80,000,000

900 800 700 600 500 400 300 200 100 0

43%

70,000,000 60,000,000 50,000,000

24%

40,000,000

16%

30,000,000

3%

0 Rent

Rates

Service Charge

Adaptation & Equipment

Building Operations

Management

Glasgow Workplace Profile Q1 2014.

Operations

£537-sq.m

A&E

£482-sq.m

Service Rates

Rent

Grade B

Grade A

A, B & C Averages 5%

10,000,000

Manage

£607-sq.m

Grade C

9%

20,000,000

£750-sq.m £662-sq.m

Average

Peak

Portfolio


Glasgow IFSD.

Glasgow Workplace Profile Q1 2014.


Occupancy Costs. Based on average 12.3-sq.m FTE

Grade C.

Grade B.

Average.

£5,929

£6,605

£7,466

FTE/pa

FTE/pa

FTE/pa

£482-sq.m

£537-sq.m

£607-sq.m

Glasgow Workplace Profile Q1 2014.


Grade A.

Peak.

£8,143

£9,225

FTE/pa

FTE/pa

£662-sq.m

£750-sq.m

Glasgow Workplace Profile Q1 2014.


Workplace Models. Apply the workstyle analysis and utilisation analysis to the average workplace KPI’s to illustrate the impact on the demand for office space and property costs.

Technology Working Practices Office Design

Traditional. 12.3-sqm FTE @ 1:1 desks Agility 50/5/16/29 £7,466 FTE/pa

Space Agility: % of NIA allocated/ shared/ collaborative/ other.

Technology Working Practices Office Design

Modern.

Agile.

10-sqm FTE @ 80% desks Agility 35/15/25/25 £6,070 FTE/pa

8-sqm FTE @ 70% desks Agility 25/20/30/25 £5,200 FTE/pa

-20% space -20% costs

-35% space -30% costs

Glasgow Workplace Profile Q1 2014.


Glasgow Workplace Profile Q1 2014.


Workplace Metrics. Workstation Utilisation.

Desk Utilisation.

Space Utilisation.

Population Density.

Workstation Density.

All work positions

All desks

sq.m NIA

sq.m FTE

sq.m Desk

Unoccupied 52%

Unoccupied 41%

42 %

33 %

18-sq.m

Unoccupied 30%

70% Peak

48 %

Occupied 33% Ave 48% Peak

High

0-sq.m

18-sq.m

12.3

0-sq.m

11.7 High

59% Peak

Occupied 42% Ave

Ave Occupied 48% Ave

Glasgow Workplace Profile Q1 2014.

Low

Ave

Low


Workplace Metrics. Occupancy Costs.

Occupancy Costs.

Cost Measures.

Workforce Agility.

Space Use.

£ FTE/pa

£ sq.m/pa

Rent % Total £

FTE Mobility

% NIA Allocated

£12,000

£9,500

£0

£0

£1,000

£750 Ave

£4,500

Operations

£607

£7,466

Rates Ave

£482

Management

Externally Mobile

Internally Fixed

43 % Service A&E Charge

Glasgow Workplace Profile Q1 2014.

60%

Rent

Internally Mobile

Collaborative

Other

Internally & Externally Mobile

Shared

50 % Allocated


Workplace Trends. Occupancy Costs.

Space Use & Density.

Space Utilisation. sq.m NIA 95% Peak

£12,000

Collaborative 40%

Other 20%

£0

80% Ave

£4,940

80%

Allocated 10%

7.0 sq.m FTE

FTE/pa

Range: 6 to 8-sq.m Desk ratio: 50 to 70% £4,200

Occupied Shared 30%

£5,680

25% to 45%

35% to 50%

Cost Reduction

Space Reduction

Glasgow Workplace Profile Q1 2014.


Glasgow Workplace Profile Q1 2014.


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