5 Ways to Right-Size Your Office Space, Increase Employee Satisfaction and Trim Costs

Office spaces are changing. As market demands and shifting work styles drive companies to re-think the traditional office, real estate professionals are helping their firms discover the many benefits beyond trimming real estate costs. Studies show that a more efficient, “right-sized” workplace can increase productivity, boost employee satisfaction, and help attract and retain top talent. A more streamlined approach to real estate also aligns with the trend toward mobile working.

We’ve identified several key areas of the office where your company can “right-size” your space:

 

  1. Conference spaces: One of the biggest considerations when trying to maximize and increase space efficiencies. Many companies are eliminating formal, dedicated conference rooms, opting instead for multi-purpose spaces, hosting virtual meetings, or utilizing public conference spaces in buildings or hotels. Creating an assortment of spaces and sizes is key; mix meeting and collaborative spaces based on your company’s typical meeting and work styles, from phone booths and huddle rooms to rooms that can be customized and adaptable.

  2. Technology: A reliable infrastructure with fast and easy connectivity is a must, and video conferencing systems allow employees to meet virtually and eliminate the need for large conference rooms that are used infrequently. Mobile devices, cloud computing, and other software and technological advancements allow employees to work from almost any location. Furthermore, replacing traditional file storage rooms with secure digital storage offers a sustainable solution and greatly reduces needed space.

  3. Elimination of assigned space: The adoption of universal office sizes and acceptance of remote work has impacted the trend toward a right-sized workplace. Assigned space is now widely recognized as an unnecessary financial burden, with many companies finding an 80/20 split of open seating vs. assigned work settings offering a significant space reduction without sacrificing work quality. Collaborative space requires less square footage than individual offices and also fosters creativity and teamwork. Employees love having the autonomy to choose how and where they can work.

  4. Furniture: Flexible, adaptable furniture enables companies to easily reconfigure a space to meet different needs, while a variety of seating choices provides comfort. Options include soft casual seating and a range of desk styles, from traditional and benching to standing, treadmill, and bicycle.

  5. Enhanced common areas: Where you might save money on leased square footage per employee, the trend toward enhanced common areas sometimes makes up the difference. Break room amenities such as upscale coffee machines, game rooms, and grab-and-go kiosks are becoming more popular. A building with a broad range of amenities such as fitness facilities, food vendors, and concierge services, not only attracts tenants in competition for talent but contributes to a strong company culture.

Preparing for the future

With the high cost of real estate, encouraging remote work and maximizing space to save on occupancy costs is a smart business choice. Forward-thinking companies right-sizing their real estate are achieving more than a reduction in rent. They are realizing an increase in performance and innovation with a more engaged and productive staff.

Want to learn more about how you can right size your space? Read our article featured in Building Operating Management Magazine

Related blog posts

MH Blog
Blog
October 20, 2020

2020: The Year of Subleases

The most notable changes are visible in the sublease market, where inventory has increased by 150 percent just since March, totaling over 2.5 million square feet. Here are some of the most notable data points on the sublease market’s incredible rise.
For Sale
Blog
October 15, 2020

Exiting or Selling Your Business- What to do with the Real Estate

Knowing when to cash in your chips and walk away is the hardest decision that anyone will have to make in their career, whether they are an entrepreneur, an investor in a business, or even a professional athlete. When it comes to businesses that own & occupy industrial real estate, the major question you face is what to do with your property(ies) after a business exit. In general, you often face one of three options: lease the property to the new business owner, sell the property, or re-tenant the property. As with so many business decisions, there is no one right answer, and different advantages and disadvantages for each choice. Issues like taxes, depreciation, and personal investment objectives for you (and sometimes your siblings) will all influence which option is best.