European Office Costs: Brussels a Bargain
Brussels is Europe?s office bargain at US$29.62 per sq. ft. a year, while London, with comparable costs of $116.70, is the land of the big occupancy-cost spenders, according to CB Richard Ellis? (www.cbcommercial.com) recent survey. Of 17 major European cities, Rome and Vienna respectively ranked Nos. 2 and 3 as least expensive, while Moscow and Paris respectively ranked Nos. 2 and 3 as most expensive.
Office Rentals: How Europe Stacks Up
$US/sq. ft./year (sq. m./year)
1. Brussels, Belgium???$29.62 ($319)
2. Rome??.$30.36 ($327)
3. Vienna, Austria??.$31.38 ($338)
4. Budapest, Hungary?..$33.33 ($359)
5. Milan, Italy??$33.51 ($361)
6. Amsterdam, Netherlands?..$34.26 ($369)
7. Madrid, Spain??.$35.84 ($386)
8. Prague, Czech Republic?..$38.07 ($410)
9. Geneva??.$42.15 ($454)
10. Stockholm, Sweden??.$44.66 ($481)
11. Dublin, Ireland??.$44.94 ($484)
12. Zurich, Switzerland??.$50.05 ($539)
13. Frankfurt, Germany??.$52.09 ($561)
14. Warsaw, Poland??.$52.37 ($564)
15. Paris??.$66.57 ($717)
16. Moscow??.$68.80 ($741)
17. London??.$116.71 ($1,257)
Source: CB Richard Ellis, March 1999
Workplace No. 2 Factor in Retention/Recruitment
New research spearheaded by the American Society of Interior Designers (ASID at www.interiors.org) underscores the workplace?s major role in employee recruitment/retention: 50 percent of respondents cited ?physical work space? as ?playing a major role? in deciding to leave a current job.
?The workplace should be viewed as an investment in productivity enhancement that supports the organization’s strategic direction. [It] belongs on the balance sheet as opposed to simply an expense that shows up on the P&L,? said Jerry Johanneson, president and CEO of Haworth, which, along with ASID, the Carpet and Rug Institute, and USG Interiors, commissioned the survey.
While compensation is the survey?s runaway No. 1 reason in accepting or leaving jobs, work space virtually tied for No. 2, well ahead of ?job satisfaction.?
Moving Logic: Why Employees Leave
1. Compensation????.62%
2. Benefits????. 22%
3. Physical Workplace??21%
4. Job Satisfaction??.18%
5. Coworker Interactions?..14%
6. Daily Activities??.11%
6. Office Location??.11%
Source: ASID office worker survey, June 1999. Percentages reflect the proportion of respondents citing factors as primary reasons for accepting or leaving jobs.
M&R Costs: New York Highest,
Columbus, Ga., Lowest
Depending on your location, facility maintenance and repair (M&R) costs can vary as much as 100 percent, according to a new report from Santa Barbara, Calif.-based Whitestone Research (www.whitestoneresearch.com). Among 140 U.S. metros, average M&R cost per sq. ft. ranged from $2.27 in New York City to $1.17 in Columbus, Ga., with ?much of the difference attributable to staff and contractor labor costs,? the report says.
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