It is advisable to start by setting up an internal property steering committee with representation from HR, IT and property and finance as well as a senior exec sponsor. This group will likely meet at regular intervals from project inception to completion. The below 5 points provide some pointers on where to start and how to achieve your goals.
1. Understanding your requirements
Every business will have their own individual requirements and each team in the organisation will have varying needs to be office based or WFH. Enlisting the help of a workplace consultant is a useful starting point to get under the skin of how much space you require now against what you might need, in say, 3-5 years’ time.
If you have a lease event on the horizon you will need to engage a commercial agent to help identify alternative accommodation in the market and benchmark the cost of your current premises against new potential options.
2. Weighing up your preferred option
Once you have pinned down an office reduction strategy you will need to further analyse your options around this strategy. Your commercial agent will work with you to either exit your current premises into smaller premises or assist in subletting your existing premises assuming you are in leasehold space.
Once you have assembled your stay versus go options you will be able to benchmark the costs involved in each option against intangible factors such as staff retention, business interruption and cultural change.
3. Leveraging technology
The rise of property related technology (Proptech) has meant that decisions can now be underpinned by an abundance of data. It is now possible to analyse everything from air quality to meeting room utilisation, this information can help shape all aspects of your new enabled hybrid office environment.
4. Office design
Whether you stay in your existing space and sublet or downsize to a new office location you are likely to incorporate more dynamic features with technology that supports hybrid working. Current design trends are to incorporate more areas to concentrate, collaborate, connect and recharge. Getting the design of your new office right will be crucial in delivering your services, seeking expert advice is a price worth paying to ensure you’re incorporating features which will add value to your space.
5. Enlist a team of experts
Depending on the scale of your business enlisting the right team of property experts will help safeguard the success of any rightsizing project you engage in.
In summary, having the right people assembled to manage the project and a clear vision are two important factors in considering your rightsizing journey.
Fairtech have over years’ experience in optimising our clients’ workplaces.
Looking for Office Space Planning in Malta? Ensure success by forming an expert committee, understanding unique requirements, leveraging technology for data-driven decisions, optimizing office design, and enlisting skilled professionals. Let us guide your journey to effective office space planning.