3 Reasons Why You Should Sublease Unused Office Space
Renting office space has always been a costly conundrum. As your business grows or contracts, you invariably have too little or too much space. The perennial question is: does your business lease just the amount of office space you need today and risk moving offices if you expand faster than expected? Or do you take more space now and shoulder the costs of unused office space in the hope that you will expand? These decisions matter because real estate is the second highest cost after salaries.
Having the perfect alignment of the office space you need and the office space you pay for is unlikely. If you have unused office space with idle desks, then you should consider renting them out.
Here are 3 key reasons why you should consider renting out extra office space:
1. Monetize Unused Space
Unused office space results in wasted overhead costs such as rent, air-conditioning, electricity, as well as sunk costs such as furniture and other fit-out costs. When you rent out the unused parts of your office, you effectively share these costs with the new tenants.
The extra rental you bring in can enable your business to be more economical. Not only do you defray costs, you can avoid moving to smaller offices and the disruption of moving. The new tenant can help you stay in the same office, allowing for business continuity.
2. That “Lively” Office Look
When a client or job candidate comes into your office with many empty desks and vacant meeting rooms, they may leave feeling uncertain about the health of your business. Your current employees may also assume many empty desks to mean the business is not doing well.
Having a “filled-up” office can make the office seem more lively, which is great for employee morale. This can leave a good impression for clients and prospects that the business is booming.
3. Sharing is Better
Making money is only half the story! Other benefits of renting out your unused space to other businesses include:
- potential for new business partnerships
- sharing of innovative practices with your industry peers
- exposure to diverse viewpoints and skillsets
Do you have unused space that you’re interested in monetizing? It is free and easy to list on GorillaSpace. Not sure where to start? Our space experts will guide you along the way. Contact us at +65 3163 6839 or email@example.com