This comprehensive 1-pager delves into the market dynamics of influencing the energy sector’s office spaces, specifically focusing on the unique challenges faced by the Oil & Gas, Utilities, and Renewable Energy sectors.
In addition, we explore the evolving office leasing patterns, highlighting the emerging variations in size and location preferences within this diverse sector. Furthermore, we investigate how the energy sector as a whole is positioning itself for transformation over the coming years.
Here are the key points covered in the document:
- Oil & Gas firms maintained their position as the most active energy sector occupiers throughout 2022.
- The preferred office market for both Oil & Gas and Renewable Energy firms in 2022 was the vibrant West End.
- Utility firms, on the other hand, leased office spaces that were 72% smaller on average compared to the 5-year average.
- Renewable Energy firms primarily opted for secondhand spaces in 2022, accounting for 67% of the total take-up.
- Energy sector occupiers are increasingly favoring shorter lease terms, with an average duration of less than 5 years.
- ESG goals, talent attraction and cost considerations to be key to leasing strategies in 2023-24
