When you rent commercial office space in a number of locations, it's important to think about all of the properties as a single portfolio rather than separate locations. Doing so can allow you to spot opportunities for improving efficiency and reducing costs to positively impact your bottom line. There are a number of ways that corporate tenants can optimize their commercial real estate rental portfolios. Here are just a few of them:
Bring Everyone Together
If you haven't done any work toward optimizing your portfolio, start by bringing your entire team together. Include members of your human resources, operations and finance teams as well as your key executives. During the meeting, work together to establish what your primary business objectives are. Then, take a look at how well each of your properties is helping you to meet those objectives. Get input from everyone at the table. You're likely to discover opportunities for relocating various departments and may even be able to identify properties that just aren't meeting your business needs.
Identify Unused Space and Fill It
Are you using every part of your spaces to the fullest? Take the time to determine where you have empty space that is going to waste and find ways to utilize it. Is it possible to move some workers from a small satellite office to your main building and have the rest telecommute, so that you can eliminate one location and save money on rent? Could an empty space serve as storage and spare you the cost of renting offsite storage units? Would you be able to sublet some of an unused office and stop paying for wasted square footage?
Making your office spaces more sustainable through retrofitting can benefit your company in a number of ways. Improvements like LED lighting can provide immediate cost savings by lowering your monthly utility bills. There is also the benefit of good publicity for your company. Studies have found that more companies and consumers are considering how eco-conscious the companies that they buy products and services are. Having sustainable office spaces sends a message that your company is green, which can make your brand more appealing to current customers and prospects.
Be Smart About Technology
When you're assessing your needs for office space, consider how technology impacts your business. Many companies today are choosing to move their data centers to remote locations where utility costs are low, as it's no longer necessary to have them centrally located. You can also evaluate whether investing in new technologies could allow you to decrease your need for square footage. Investing in technology that allows you to shift toward a business model that includes more telecommuting can bring a large return on investment while improving employee morale.
Think Like an Employee
How appealing is your overall commercial real estate portfolio for your employees? Attracting and retaining talented individuals is important to the success of your business, and work environment can play a big role in job satisfaction. Evaluate properties not just from a business standpoint but also through the eyes of an employee to ensure that you're providing workplaces that make your team eager to come to the office.
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