What are the primary factors for occupiers relocation?

Cost continues to be an important consideration.

Half of occupiers said lease terms and rents, as well as cost savings (49%) are amongst the primary factors affecting their decision to relocate their office, according to a CBRE report.

"Many relocations observed by CBRE over the past year have involved occupiers capitalising on cost saving opportunities in tenant-favoured markets," the report read.

CBRE also reported that 65% said lower rents drive lease renewals, whilst 37% said limited capital expenditure and lease term flexibility influenced their decisions.

As for building preference, public transportation (79%), onsite food and beverage (67%), and sustainability features (45%) are the top three considerations. 

Also, occupiers are prioritising people-centric and efficient workplaces. More than half (58%) said that enhancing employee experience is the primary goal followed by boosting employee productivity at 45%.

Meanwhile, 75% of the respondents said they are planning to upgrade their technology and connectivity whilst 63% intend to focus on enhancing asset quality for sustainability.