In the world of corporate real estate, the less space you can fit your workforce into, the lower your company’s operational costs. Organizations are always seeking to do more with less space while bringing down real estate costs, with practices like hoteling, hot desking, and telecommuting. Conference room booking is another area where many companies can cut costs. Oftentimes, conference rooms are underutilized due to inefficient resource booking and management.
Over the past 30 years, the United States alone has added approximately two billion square feet of office space. However, most desks and conference rooms sit empty because today’s mobile workforce simply doesn’t need all that space, or at least not permanently. According to the commercial office furniture manufacturer, Allsteel, the percentage of individual workspaces being used at any given time in a typical office building is just 40%. Factors like remote work arrangements and flexible hours are contributing to this trend. On average, desks and offices sit unused two-thirds of the time in North America. That’s where a user-friendly resource-booking tool can come in handy, helping organizations leverage unused space through practices like hot desking, wherein employees outnumber desks and multiple workers use a single workstation during different time periods.
Commercial Real Estate Prices Soar in North America
Real estate is the second largest expense for most companies, typically right behind the cost of labor. Real estate costs significantly impact a company’s bottom line and aggressively reducing these costs can translate to tens of millions of dollars in lower expenses. According to data from TheSquareFoot, the average cost to rent a square foot of office space is $20.97 per square foot in Atlanta and $23.09 per square foot in Dallas. In Seattle, you’re looking at $32.10 per square foot, while in Chicago, it’s $35.00 per square foot. The price jumps to $65.16 in San Francisco and $74.00 per square foot in New York City.
Conference rooms in particular take up a lot of square footage. Theater style conference rooms are typically about 15 square feet per person, while conference rooms with conference seating require about 25 to 30 square feet per person. An 11-firm survey by the architecture and design firm HOK found that most conference rooms are too big. According to the study, 73% of meetings involve only two to four people, while 53% of conference room space is built for meetings with seven or more people.
Underutilized workspace costs your organization money – a lot of money. So how can resource booking software help you optimize the use of office space?
Building Efficiency and Reducing Costs
Resource booking software helps you keep better track of your office space and its utilization. Key intelligence is presented in reports that managers can refer to when making decisions about real estate and other resources. Considering the high cost per square foot of commercial real estate in cities throughout North America, it makes sense for organizations to evaluate their needs on a regular basis and optimize the use of their existing space.
Resource booking software improves your efficiency and reduces costs. You can easily determine which desks and meeting rooms are used frequently and which space sits empty, so you can adjust your office space accordingly. Furthermore, you can bring an end to booking mistakes that lead to empty, unused conference rooms. Scheduling your meetings and resources with one powerful tool also helps you save time. With drag-and-drop functionality and user-friendly overviews of available meeting rooms and desks, you can quickly find an appropriate meeting room, book extra services like catering or audiovisual equipment, and invite attendees. Streamlining the booking process saves your employees’ valuable time and enhances their productivity while ensuring that your office space is used in the most optimal manner possible.
Add-On Products’ resource booking software Resource Central provides employees with a centralized system for booking and managing workspaces and resources. Booking meetings and conference rooms with Resource Central ensures that when you cancel meetings, the conference room is freed up for others to use. Furthermore, the software simplifies room and resource management, helping your company achieve maximum savings and drive long-term efficiency. Sign up for a free trial or free online demo today!