One of the keys to running a successful business is to save money as you’re making it. And yet, when finding ways to cut costs, many business owners may be surprised to learn that telecommuting may be a great option. What’s more, commercial real estate developers can assist business owners in achieving these savings to ensure strong returns on their holdings.
These days, telecommuting is a common occurrence — as many as 30 million Americans work from home at least one day a week. In fact, a typical business can save $11,000 per year if staff with telecommuting capabilities worked from home half of the time. Management positions, sales, professional and service-related jobs can easily transition out of the office, and all that’s required is a computer and a reliable Internet connection.
So how can commercial real estate investors position themselves to capitalize on the trend? By repositioning existing offerings.
If a building is no longer competitive in a market where office space is less necessary and shared work stations are the norm, owners should consider adaptive use to maintain profitability.
First, check out other flexible work spaces in your area, then partner with architects and designers who have repurposed commercial properties. Through collaboration with these professionals and the potential tenants, you may be able to maximize space and even attract more lessees.
In terms of strategy, investors should work to renegotiate longer leases with benefits for both parties. Cash flow is guaranteed as tenants may be able to enjoy aesthetic improvements or added convenience. Owners may also partner with software suppliers or tech services to help tenants evaluate their telecommuting needs to maximize space and efficiency.
Finally, investors shouldn’t discount the importance of tracking technology and trends as they develop. As some tenants’ needs for flexibility demand telecommuting options and less square footage, new industries may arise that demand use of more space.
That’s where the professionals at Intelica come in. We work directly with you to develop and adopt a strategy for business mobility solutions, so you can adapt to cultural trends and ensure a profitable portfolio. Contact us today to learn more.