Renegotiating a commercial lease or looking for new commercial property is not the most exciting part of being a decision-maker. It can be tedious and time-consuming, and it generally takes away from the day-to-day responsibilities that, unfortunately, impact an organizations bottom line.
Additionally, the workforce doesn't look like it did three years ago which adds to the traditional pain point associated with lease renegotiation. Teams are continuing to work remotely, within hybrid schedules, and want more control of how they move about the office. All of this adds up to the fact that organizations may not need the same type of space that they once did.
So, what’s the best move? With a simple Google search, it’s easy to find guides and recommendations that explain how much space is currently needed. Most of the time, these guides use a one-size-fits-all mentality that doesn't offer the personalized information an organization needs. There's also the option to conduct an occupancy studies to assist with figuring out how employees use the workplace, but that can be invasive, time-consuming, and include human error. Lastly, there’s workplace sensor technology which allows organizations to make accurate and informed decisions drawn from precise data that is tailored to specific areas throughout the office and gathered without disruption to daily workflow.
The best way to determine how much office space and what type is needed is to conduct an occupational study. Traditionally, occupational studies have been conducted in one of two ways: through observation or badge studies.
Observational studies mean bringing in a third party or using an internal person or group to lay eyes on your office space and take notes. At first glance, this may seem like the way to go. It's objective, and it seems reliable. But it's also invasive, and it will likely lead to employees conducting themselves in an unnatural way. Not only that, but it only gives a glimpse into what's going on over the course of a few days or weeks, not what's ongoing.
Badge studies aren't quite as invasive, but they still leave plenty of room for error. They limit how much insight can be gained because they’re not providing a full set of data. Additionally, some employees may feel that their privacy is being invaded.
As we shared before, there is a third option: occupancy sensor technology. By implementing 4SITE sensor technology, a study can be conducted that isn't invasive, provides a complete set of data, and doesn't leave room for human error.
4SITE customers have reported that sensor technology has shown them how their workplace is being used by employees from the first day our sensors are deployed without collecting any personally identifiable information (PII) on employees. As a work space is used, data is gathered around patterns and trends that emerge that can help to determine if that space is working for the organization or not ahead of present and future decision-making around commercial real estate lease negotiations like whether or not to sublease, restructure a lease, or expanding an organizations portfolio.
Another great aspect of using workplace sensor technology for an occupancy study is that it allows organizations to see where they can become flexible within their office space before a lease renewal. When this technology and the data it produces is combined with CORT's Furniture-as-a-Service™ (FaaS) model, companies can start making changes within their current space and see how they work for their organization and their staff. This pairing is one that we believe allows organizations to experiment, measure, modify, and repeat as they become a workplace that is Permanently Flexible™.
Whether staying in place and looking to modify the workplace or on the verge of a lease renewal, let 4SITE and FaaS with CORT help. We'll handle everything so organizations can focus on what's important: their employees and their business.
Call us today to get started or set up a demo.