More offices cutting space expenses

Offices are downsizing space.

Property management companies may be aware of more office tenants altering their offices to reduce space and save money, according to The New York Times.

The practice, which became popular through the recession, and even now in recovery, allows businesses to work in smaller spaces in order to save money. Another method that proved to be popular was businesses giving some of the space back to the landlord, or subleasing parts of the office, the news source said. This type of reconfiguration has occurred at offices of all sizes.

"Our solution is to press down the 85 percent dedicated space and increase the variety of alternative work spaces, because people’s activities did not align to the traditional spaces," Christian Bigsby, senior vice president for worldwide real estate and facilities at GlaxoSmithKline, told the news source. "The desk space is now about half of our footprint."

Companies have reported significant savings from making these changes, the news source added.

Property management companies may be able to rent out their space to multiple tenants through this method, which could help keep their business at a high level.

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