Purpose

This study aims to examine the impact of “space-as-a-service” (SAAS) provision on office rents in the UK and quantify premia to office rents.

Design/methodology/approach

Using hedonic modelling techniques the authors are able to quantify the impact of a number of SAAS features on office rents in the City of London using CoStar data. The authors control for the quality of the buildings by focussing on five-star buildings, rated by CoStar, as these buildings are more likely to incorporate SAAS features.

Findings

Using data on 317 transactions in 37 City of London Office buildings over the period 1 November 2004–15 July 2020, the authors find that tenant exclusive mobile applications (MAPPS) and a public terrace or rooftop command a rent premium of around £13 and £6.5 per sq. ft per annum, respectively. However, other SAAS features such as conferencing facilities, on-site fitness centre and touch down space have no significant impact on office rents. The impact of exclusive MAPPS varies with size of net lettable area.

Research limitations/implications

The SAAS real estate model is an emerging trend in the office market. As it grows in importance more research questions will have to be investigated. The present study raises awareness of the need to specify SAAS features and form a rating system that will facilitate future research on the subject.

Practical implications

The conclusion from the present investigation is that only two SAAS features have a positive impact on office (tenant exclusive mobile apps and a public terrace or rooftop), which suggest that these two features may form the basis of any future SAAS rating system. These two SAAS components should carry more weight in valuations and pricing.

Originality/value

To the best of the authors’ knowledge, this is the first study that attempts to quantify the impact of SAAS features on office rents.

中文翻译：

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“空间即服务”：办公室租金溢价？

目的

本研究旨在研究“空间即服务”(SAAS) 条款对英国办公室租金的影响，并量化办公室租金的溢价。

设计/方法/途径

使用享乐建模技术，作者能够使用 CoStar 数据量化许多 SAAS 功能对伦敦金融城办公室租金的影响。作者通过关注由 CoStar 评定的五星级建筑来控制建筑质量，因为这些建筑更有可能包含 SAAS 功能。

发现

使用 2004 年 11 月 1 日至 2020 年 7 月 15 日期间伦敦金融城 37 座办公楼的 317 笔交易数据，作者发现租户专用移动应用程序 (MAPPS) 和公共露台或屋顶的租金溢价约为 13 英镑和 12 英镑每年每平方英尺 6.5 分别。然而，会议设施、现场健身中心和着陆空间等其他 SAAS 功能对办公室租金没有显着影响。独家 MAPPS 的影响因净可出租面积的大小而异。

研究局限性/影响

SAAS地产模式是写字楼市场的新兴趋势。随着它变得越来越重要，必须调查更多的研究问题。本研究提高了人们对指定 SAAS 功能和形成评级系统的必要性的认识，这将有助于未来对该主题的研究。

实际影响

目前调查的结论是，只有两个 SAAS 功能对办公室有积极影响（租户专用移动应用程序和公共露台或屋顶），这表明这两个功能可能构成未来任何 SAAS 评级系统的基础。这两个 SAAS 组件在估值和定价中应该具有更大的权重。

原创性/价值

据作者所知，这是第一项试图量化 SAAS 功能对办公室租金影响的研究。