Rising demand for Manchester property puts pressure on businesses to understand their office space needs
Paul Statham advises companies to investigate other options before undertaking property investment
Recent figures reveal Manchester is the strongest performing regional commercial property market. As demand for office space in the city continues to increase, the amount of prime commercial property is still lagging some way behind, presenting businesses in the area with a challenging landscape to navigate.
Paul Statham, founder and CEO of Condeco, commented: “Businesses must look to smarter ways of using their existing property. With a lot of companies now embracing flexible working, the question is whether businesses are utilising their existing space effectively. Our research has found that companies can be using as little as 38 per cent of their office space, meaning that there is tremendous potential for efficiency savings in workplaces across the region. Technological advances enable teams based in different locations to work collaboratively, and can reduce the need for offices in city centres.
“Before they make the decision to invest in new or larger offices, business leaders should be across how their current space is being used, and ensure that their costly investment is entirely necessary before they make it. Now is the time to maximise the potential of existing property, to avoid being left high and dry in the future. Moreover, reconfiguring the use of existing workspace, embracing technology and improving in-house collaboration will lead to a more connected workforce and boost productivity.”