The easiest way to turn an empty space into a purposeful one is to recognize its unlimited potential. Make empty office space available on-demand, for any situation. Open space can become a conference room, a private phone call room, a project staging area or a guest speaker room. For unenclosed space, try creating a lounge with a couch and a few chairs. It can double for a presentation space or collaborative meeting area. Remember, space is valuable not just to you but to the culture of your company. If you let employees know there’s multipurpose space available, they’ll find a way to make good use of it. Plus, it improves your workplace appeal which will effect your ability to attract and retain talent.
Empty office space is perfect for hot desking. Nearly every business has recently had to focus on establishing a remote worker policy. Hot desk workstations allows for flexible work experimentation without interrupting the established office layout. Remote workers are the most-likely users, though flexible seating can benefit in-house staff. Perhaps the best reason to use empty office space for hot desking is to accommodate the unexpected. Previously unused space is great for accommodating visitors, new hires, and remote staffers. There are numerous technology platforms that are improving the hot desk experience and tying remote worker policy directly into usage data and maximizing your workplace efficiency.
If you’re at a total loss for what to do with unused office space, you can always offer it to other businesses. Renting or sub-letting office space is a creative way to recoup a little of the money you’re spending on it. Co-working spaces are all the rage for freelancers and remote workers.
The size of your unused space will dictate its rent potential. Offer larger areas for presentations, local organization chapter meetings, or a workplace for a smaller company. Use individual offices or smaller areas for temporary offices or private meeting rooms. Before you sublet any space, make sure your lease agreement aligns with your intent.
Sometimes, flexible space management isn't the answer and downsizing is the most appropriate solution. If you are confident that you'll never be in need of the size of the footprint that you currently occupy, then a temporary adaptive reuse of underutilized space isn't going to help your bottom line. Contact your landlord to see if they've got any other tenants who may be interested in expanding. It's also a good time to discuss a blend and extend option, which will allow you to move or negotiate a decreased rental amount in exchange for a longer term.
Covid-19 concessions and smaller office or retail footprints are already on the mind of every local, regional or institution landlord at this point. If your landlord won't work with you and help to create a win-win scenario, then it's probably time to find a new landlord or take the step into owning your own facility.
Having up to date and comprehensive information about current market conditions as compared to the opportunities or liabilities in your lease agreement is essential to understanding the best path forward. Contacting a listing broker for this information is a questionable move as they are contractually bound to work in the landlords best interest. At Logical Move, our unbiased and transparent approach will save you time and money at any phase in your company's growth or retraction. Contact us today and let's develop a short term, mid-term and long term philosophy that's focused on your best interests, not the landlords!