Our stakeholder relationships
Building and nurturing the relationships we have with our stakeholders is critical to our success and too valuable to outsource. As a result, we manage all aspects of our property portfolio in-house. We aim to build lasting relationships based on professionalism, fair-dealing and integrity. See more on our people and culture on pages 52 to 55 See more on engaging with our investors on pages 90 and 91
Approach and objectives
Operational measures
+27.8
£631k
27.6%
30 days
Customer satisfaction (Net Promoter Score)
Of net assets in joint venture
Social value created
Average supplier payment period
Customers Understanding our customers’ businesses and having a deep appreciation of what they require enables us to deliver a workplace environment in which they can focus on their own business activities. Having a strong, enduring relationship with our customers means we can work with them to ensure they remain satisfied within their existing space, and allows us to retain or relocate them when their occupational requirements change or their leases expire. Our ‘Customer first’ approach is vital to help us design and deliver spaces and services in which their businesses thrive. Our customers know that we focus on understanding and supporting their needs, their people and their business. GPE customer mix % 13%
2%
30% 14%
16%
Retail, hospitality and leisure1 Professional Banking and finance Corporates Technology, media and telecoms Government
25%
1. 20% in retail units, 10% in offices.
The role of the property owner is rapidly changing as the needs of our customers evolve. An attractive office is now considered more than simply a location in which to do business. It serves a broader purpose. It needs to enhance the productivity of the workforce, align to the business’ brand and to play a key role in attracting and retaining talent in a competitive marketplace. We know that every business is different, so we aim to provide choice to allow our customers to create their space the way they want it. Our Ready to Fit offering provides flexibility for customers to design and build the space that is just right for them and their people. We also provide spaces that are fitted and designed by our in-house experts. Customers can also choose to have their space Fully Managed by us, meaning we take care of everything. Making life easier and hassle free. Whichever offer our customers choose, they are all developed with sustainability at its core. We provide the spaces of the future, incorporating latest technology to drive our customer experience, such as our smart workplace app, sesame®, as well as promoting health and wellbeing for our customers and local communities, with open plan configurations and outdoor spaces. To ensure we can deliver and maintain the highest standards, we have a ‘Customer first’ approach, focusing on what we consider to be key customer requirements of: – Quality;
– Health and wellbeing;
– Flexibility;
– Technology; and
– Sustainability;
– Social impact.
– Service; We also recognise that to deliver a high quality service, we need a direct relationship with our customers. Therefore, we have a dedicated in-house Occupier and Property Services team whose role is to manage the day-to-day operation of our buildings and deliver enhanced service provision for all of our customers. Knowledge of the changing needs of our customers requires a close relationship and regular engagement. A key element of our approach, in addition to frequent day-to-day interaction, is to require our portfolio managers to formally meet with every customer twice a year and at least one Executive Committee member will meet with our top 20 customers at least annually. These meetings, combined with the independent customer satisfaction surveys we undertake, provide an understanding of how our customers’ real estate needs are developing and provide valuable insight into the health of the industries in which they operate.
56 Great Portland Estates plc Annual Report 2022
