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Measuring Qualitythe GradeMeter
a measuring tool to calculate the Quality Grade of office buildings
Federico DondaNational Director – head of Project & Development Services – Jones Lang LaSalle Italy26th June 2010
2
Why we need it
• To answer the question: “What do you mean by GradeA”
• To enhance transparency into the market
• To support the growth of the quality of the product
• To facilitate the market reading to international players
3
What is It…?
• It’s a new measuring tool created by Jones Lang LaSalle to calculate the Quality Grade of office buildings.
• The GradeMeter has the target to provide tenants, landlords and developers with an objective system which clearly and simply quantifies the actual Grade and simultaneously compares under the same criteria buildings for office use.
• It’s objective
• It’s simple
• It’s userfriendly
• It works everywhere in the world
4
Principles
The main difference from other tools tried to be developed in the past
is the principle about what is measured.
When someone has to choose a building to lease it, buy it or develop it,
he considers mainly 3 drivers:
Commercial CriteriaLocation
Image/VisibilityTransportsServices
Technical CriteriaDimensionEfficencyFlexibility
Equipments
Financial CriteriaRent
Service ChargesMove-in Costs
Incentives
ONLY
Technical Criterias Has been
considered for the Gr
adeMeter
5
How It Works…?
It’s a list of features the building could have, covering 3 main areas:
•Technical Equipment,
•Commercial Quality & Comfort,
•Efficency & Flexibility
The “weighting” of every single obtainable point comes for a long work done within every department of JLL as Agency, Capital Market, Valuation, Research, and P&DS that has led the process.
So, every “viewpoint” of the market has been considered
6
How It Works…?
Every required element which composes the “Quality” is part of a sub-group which is finally aggregate on the 3 main “families”:
Technical Equipment / Commercial Quality & Comfort / Efficency & Flexibility
Balancing among the 3 families is optimal
None of the single elements “weights” more then 6%
Average “weight” of a single element is 2%
7
Balancing
TECHNICAL EQUIPMENT
32%
EFFICIENCY16% FLEXIBILITY
16%
COMFORT22%
COMMERCIAL QUALITY
14%
32%
32% 36%
8
Grading
Grade A+ from 91 to 100 points Grade A from 81 to 90 pointsGrade A- from 71 to 80 points Grade B+ from 61 to 70 pointsGrade B from 51 to 60 pointsGrade B- from 41 to 50 points Grade C from 00 to 40 points
9
Applicability
Every Office Building with known dimensional data and technical specification
Those buildings could be easily benchmarked among them, within a certain field coming from location and cost
New developments could be verified in advance, in order to ensure the return from investment
10
A revolution…?
The GradeMeter is becoming quickly the main international benchmark to measure Quality of office buildings
We have created a new standard which is used internationally by every player of the Real Estate industry
The revolution of transparency which this tool will create in the market bring only benefits to the whole industry.
GradeMeter is for free, accessible by everyone at joneslanglasalle.it
11
GradeMeter
“It’s the Quality, not the Quantity, that’s matter”
Seneca
Thank you
This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.
COPYRIGHT © JONES LANG LASALLE IP, INC. 2010