Renovate or relocate? A study into the key issues affecting office development for the modern business

Steane, Lee (2010) Renovate or relocate? A study into the key issues affecting office development for the modern business. BSc dissertation, University of Portsmouth.

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    Future regulatory and occupier requirements will increase the need and demand for existing offices to be refurbished. Meanwhile, prospective market trends would appear to favour the refurbishment of office space as a commercially viable alternative to redevelopment and relocation. This report describes the current economic, environmental and financial influences on the demand for refurbishment. It considers the changing requirements of regulators and office occupiers and assesses the key issues facing decision makers. The current lack of new-build development raises the likelihood of grade-A supply shortages when the occupier market returns from the current economic downturn, creating investment opportunities for refurbishment. With changing regulatory and occupier requirements set to increase demands for existing office space to be refurbished, owners need to re-assess their existing stock and consider the changes that may need to be made. To date, the misalignment of the interests of property owners and tenants has inhibited the implementation of improvements required to meet the Government’s carbon reduction targets. Embodied energy conservation is set to become an increasingly important consideration for developers over the next decade as ‘in-use’ efficiency levels improve. The refurbishment of office space offers advantages over new-build, which can facilitate the achievement of economic, social and environmental sustainability. Achieving sustainability via refurbishment does not need to be difficult or expensive but does require an understanding of the interrelationships between costs, risks and benefits.

    Item Type: Dissertation
    Departments/Research Groups: ?? EDAM ??
    Depositing User: Jane Polwin
    Date Deposited: 20 Jan 2011 12:49
    Last Modified: 28 Jan 2015 11:16

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