Our six specific objectives: Four continued
In property management we continue to optimise our real estate portfolio through the award-winning WPP Space Program, with investment in property databases and systems, innovative design and a continuous review of our key locations. This has enabled us to hold the increase in square footage in our portfolio to 5% p.a. over the last three years, while for the same period, revenue (excluding the impact of currency) increased by 6% p.a. As a result, average square foot per head is down 8% from 236 sq ft in 2006 to 218 sq ft in 2008.
We have achieved the medium-term objective of a 7% establishment cost-to-revenue ratio set in 2002, when the same ratio was 8.4% and our future priority in managing the property portfolio of approximately 19 million sq ft worldwide is to ensure growth in additional square footage is far less than the growth in revenues and headcount.
In the short term our objectives will be to manage our lease expiries so that we can reduce our portfolio in line with any short-term reductions in headcount and revenue.