Insurance News Archive
Commercial property owners urged not to waste space
Companies in Northern Ireland could be wasting as much as £350 million a year through the inefficient use of their property, according to latest research.
A guide issued by the Royal Institution of Chartered Surveyors (Rics) Northern Ireland, claims that most businesses do not reap the rewards of using their space effectively, reports Belfast Today.
"Rics research has shown that companies can increase their profits by up to 13 per cent simply by making their property work for them," remarked Chris Callan, Rics Northern Ireland commercial property spokesman.
Figures show that, on average, UK office workers occupy over 150 sq ft of office space each, which costs businesses on average £4,000 per year for each employee.
Mr Callan went on to say that more active management could mean that this figure could be dramatically reduced.
"Modest rental increases in the commercial property market have kept a temporary lid on property costs, which has led some companies to be less efficient at utilising space," he added.
He concludes that good property advice will allow businesses to expand, increase profits and lead to a successful business all round.
17 May 2006
