What To Do With Extra Office Space?

What is the best way to use extra office space?

The best use of extra office space is determined solely by the objective. An office fit out is unique to each company and the best option for one company is not necessarily right for the next. There is no one-size-fits-all when it comes to identifying the best way to use extra office space but it is crucial to engage with your people before any changes take place.

Each department will have different requirements from the office, particularly as they return to the office as part of a hybrid or flexible agreement. With the potential for change in ways of working, your extra office space is an asset in helping your people adjust to new demands. Studies have shown that while 12% indicated that their companies downsized their office spaces, 10% revealed that they needed bigger office facilities to account for growth. This shows that each business will adapt in different ways and your office space will contract or grow based on the way people use it. Your people will be your most reliable resources when it comes to understanding how much is needed to support their working needs so it is important to engage with them.

How to maximise surplus office space

What are the benefits of redesigning your office?

Through all the changes and pushes towards new ways of working, the office is being used differently as the traditional 9-5 is being adapted by businesses across a variety of sectors.
One of the main benefits of redesigning your office is to attract staff back to work by giving them an environment that supports them. As the workplace and the way we work is currently adapting to new expectations established during the pandemic, an office redesign can help to support company culture and improve productivity. Employee experience is a big focus area for businesses as people want their time in the office to be practical and to offer a unique experience compared to working remotely.

Redesigning your office space is also an effective way to adapt to new ways of working to help promote collaboration and communication with colleagues. Michele Parmelee, Global Deputy CEO and Chief People & Purpose Officer at Deloitte thinks that the right environment will help people thrive.

“Organisations that go beyond HR policies and programs to create a workplace environment where people can bring their whole selves to work and feel supported will reap the benefits and gain a competitive advantage.”

Designing a new office will help unite people and allow them to return to work in their own time as they begin to understand how the office provides more than just a place to work.

What are the benefits of restacking your office?

One of the main benefits of restacking an office is that you can implement changes without having to do any construction in the workplace. Key parts of the office may stay in the same place depending on the results of the workplace consultancy findings. The focus is on improving the inefficiencies within the office and this will only be determined by engaging with employees and addressing the weaknesses and underutilised areas in the office. Embracing changes that allow for new circulation routes, collaboration and communication capabilities will help with adapting an office without having to spend money on building new tea points or meeting rooms.

Restacking your office to maximise extra space is a process-driven change that should be managed effectively so that any objectives can be delivered. It is also important to look at the way the restack is conducted internally. In the same way that new ways of working mean change and people moving to new parts of the office, an office restack should be strategic and not just aesthetic.

What are the benefits of subleasing your extra office space?

One of the main benefits of subletting extra office space is that you can save money. This is the main reason most companies will look to sublet their space. As the primary tenant, you can reclaim part of the rental cost for the space you don’t need. Rather than sitting on the extra space and maintaining that overhead cost, finding a sublet tenant means that you can cover that cost.

A common reason for subletting extra space is that your company is growing and while you will need more space in the future, you don’t need it right now. It is a good option for companies that are looking to expand in the future as it allows them to take more space than they need with the view of having the extra space to grow into in the future without having to relocate. Subleasing can provide greater flexibility in leases and with more remote and hybrid working policies becoming the norm, having the ability to have greater flexibility in your office space while also splitting the fees.

Before making any quick decisions about whether to sublet your space, it is important to assess what portion of the space needs to be retained, what can be carved away from the existing space and what reconfigurations are needed to facilitate this process. Things like privacy and confidentiality will need to be considered as will the reality of taking responsibility for damages. Subleasing part of your office space needs to be part of a considered, long-term workplace strategy as the allowance of space should be calculated based on the projected growth of the company.

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