Lease code
98% of our occupiers independently surveyed considered that we complied with the Lease Code.
Customer satisfaction with our leases is generally better than the industry average, with 48% of customers on average rating our lease flexibility as good or excellent. We will be working to improve this further.
We are holding discussions with many of our occupiers about their future space needs. Some occupiers feel that they have sufficient flexibility, but others would like fewer restrictions placed on them.
We will take feedback from occupiers into consideration during lease renewals. Many occupiers would welcome the inclusion of more break clauses, but most would not be prepared to pay for this in the current economic climate.
Next year, we aim to achieve above-average satisfaction ratings for lease flexibility and lease assignments across our entire portfolio, compared to the Occupier Satisfaction Index (OSI) 2009.
We achieved 51% occupier retention across our portfolio, where the occupier had an unfettered option to renew. 25% of those renewing their leases relocated within our portfolio and 75% renewed existing leases. Next year, we are targeting 55% occupier retention.
