Is your empty office costing you millions per year?
Let's take a look at the numbers and see how we can use data to maximize savings.
Office space is really expensive. In London in 2022, a single desk had an annual operational expenditure of £13,303. This includes costs like rent, facilities management fees, and other annualized costs.
And despite efforts to make the return to office as appealing as possible, actual occupancy levels are averaging lower than 40%. Comparing this to pre-pandemic occupancy levels of 80%, there are now, on average, three times as many empty desks in office buildings as before. That’s a lot of expensive empty space.
Just how expensive? Let’s take a common example of a bank headquartered in London.
A bank operating 3,000 desks at 40% occupancy has 1,800 empty desks burning through over £24m a year. And this is actually a very conservative estimate. The real cost of empty office spaces for these large financial institutions at actual occupancy rates is much higher.
The good news is that by using data it’s possible to mitigate these costs.
Understanding real-time occupancy rates and trends – how and when your space is being used and how it should be optimized – is the first step to right-sizing your spaces and maximizing savings. From here, you can obtain more insights like which floors to open on which days, and when to run HVAC systems, for example.
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