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Treating the Tenant as a Customer: can good service improve real estate performance?

Sanderson, D., (2014) Treating the Tenant as a Customer: can good service improve real estate performance? Working Papers in Real Estate & Planning. 04/14. Working Paper. University of Reading, Reading. pp54.

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Customer Relationship Management (CRM) theory suggests that good customer service results in satisfied customers, who in turn are more likely to remain loyal and recommend the service provider to others. Applied to real estate, this theory implies that landlords should see a return on any investment in the service they give to tenants, in the form of increased lease renewal rates and fewer void periods, achieved without compromising rents. This paper examines determinants of occupier satisfaction, and investigates the relationship between occupier satisfaction and property performance, using measures such as capital growth, income return, lease renewal rates and total return. The analysis is based upon a pilot study using occupier satisfaction responses from around 2500 interviewees based in multi-tenanted offices, shopping centres and retail warehouses on out-of-town retail parks in the UK. The analysis is being extended to cover a larger sample for the author’s PhD. Part 1 of the analysis examines occupier satisfaction, whilst Part 2 considers its impact on property performance.

Item Type:Report (Working Paper)
Divisions:Henley Business School > Real Estate and Planning
ID Code:36307
Publisher:University of Reading
Publisher Statement:The copyright of each Working Paper remains with the author. If you wish to quote from or cite any Paper please contact the appropriate author. In some cases a more recent version of the paper may have been published elsewhere.


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