Hey Look Up, What’s Your Real Estate Plan for 2016
December 17, 2015
- As occupancy rates continue to improve, competition (and cost) for commercial space will rise
- In this environment, making sure each square foot delivers maximum value is critical
- As 2015 winds down and we move into 2016, it’s the perfect time to analyze your commercial real estate.
Here are three steps to discovering where there are opportunities for maximizing the value generated by your commercial real estate.
1) Gather and organize all of the data related to your commercial real estate. If you lease a single location, this is a fairly straightforward exercise. However, the more widespread and complex your commercial real estate occupancy is, the greater potential savings you might realize. During this step, you need to determine what space your company controls, the cost per square foot, and the terms of the lease.
2) After determining the cost of the space you occupy, the next step is to analyze how that space is being used. Do employees spend the majority of their time in their assigned space, or are they traveling, meeting or telecommuting a significant portion of the time? What is the nature of the work performed? Needs for space, privacy and collaboration differ widely between marketing and finance, for example. Also consider if your use of space aligned with your company culture and values.
3) Now that you have accurate, up to date data on the cost of your real estate and how efficiently it is being used, you can look for opportunities. Consider how improvements in your workspace can make your workplace more productive and your workforce happier. Experts recommend a total workplace redesign every three to five years to maximize productivity.
If your thorough analysis of your current space and your business needs indicate that it’s time to look for new commercial space, please give us a call. We’d be happy to be of service.
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