Data captured in the U.S. shows a clear preference for buildings constructed in 2015 and later, with net occupancy over the past four years of 122 million square feet compared to negative 354m sq ft for older buildings.

Difficulties associated with building new offices, including availability of materials and labour, fast-moving ESG legislation and viability concerns are leading to occupiers putting their property requirements into the market as early as six years before their current leases expire, the brokers discussed.

And the potential for companies’ requirements to change over that time is leading to an “overriding need for flexibility,” says Tim O’Connor, head of leasing in Australia. “The further you go out the more challenging that becomes.”

This podcast episode features Jeff T. Eckert, president, Americas agency leasing; Tim O’Connor, head of office leasing, Australia; Alex Barnes, managing director of JLL’s Hong Kong and Macau operations; Neil Prime, strategic clients lead, UK markets; and Marie-Laure De Sousa, chief executive, France. JLL’s Perspectives podcast is hosted by Rebecca Kent, JLL content director.