A survey of office building owners' perceptions of office refurbishment & office tenants' perceptions of facility operational requirements

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A survey of office building owners' perceptions of office refurbishment & office tenants' perceptions of facility operational requirements

 

Author: Ku, Yung-kan
Title: A survey of office building owners' perceptions of office refurbishment & office tenants' perceptions of facility operational requirements
Degree: M.Sc.
Year: 2002
Subject: Hong Kong Polytechnic University -- Dissertations
Facility management
Office buildings -- Maintenance and repair
Department: Multi-disciplinary Studies
Dept. of Building Services Engineering
Pages: xi, 141, [44] leaves : col. ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1656028
URI: http://theses.lib.polyu.edu.hk/handle/200/856
Abstract: It is estimated that most existing commercial office buildings in Hong Kong, of which most were constructed in 1980s and 1990s, require refurbishment. If appropriate refurbishment is carried out, they have the potential to provide the office accommodation required for the 21st century by sustaining / enhancing rental income and / or retaining tenants. The successful refurbishment of an existing office building will deliver maximized rental income or building asset value to the building owner as well as fulfil tenants' / end users' facility operation requirements. The purpose of this research was to identify owners' perceptions of office refurbishment and tenants' perceptions of facility operational requirements so as to investigate potential mismatches in the expectations of outcomes the investments on office refurbishment. A postal questionnaire survey was used to collect data and information from a sample of owners of office buildings and tenants of office buildings over a period of two weeks. This data was verified and enhanced by a follow up interview of selected respondents. The results of the survey indicate that Grade A building owners' perceptions of refurbishment works matched the majority of office tenants' perceptions of facility operational requirements. However, Grade B & C building owners' perceptions were found not to match the level of the perceptions of office tenants. Following the Asian financial crisis, rental rates dropped approximately 34 per cent. The rental ratio difference for Grade B and Grade C buildings is only 2 per cent and 7.4 per cent respectively when compared with Grade A buildings. This further enhances the attractiveness of Grade A buildings, offering relative value for money in the Hong Kong commercial office sector, in terms of attracting, as well as, retaining tenants.

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