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Blog #34 Rightsizing Real Estate Footprints with CAFM Software: A Guide to Optimal Space Utilisation

In today's rapidly evolving work environment, rightsizing your real estate footprint has become increasingly relevant.

Rightsizing involves adjusting your physical workspace to better align with current and future business needs, which can lead to cost savings, increased efficiency, and improved productivity.

One of the most effective ways to streamline the rightsizing process is by leveraging Computer-Aided Facility Management (CAFM) software.

In this comprehensive guide, we will explore the various aspects of optimising space utilisation with CAFM software, from analysing current usage to implementing optimisation strategies and monitoring progress over time.

Analysing Space Utilisation with CAFM Software:

A critical first step in rightsizing is understanding how your existing space is being utilised. CAFM software can help you monitor workstation density, conference room usage, and common area utilisation. With its reporting and visualisation capabilities, CAFM software can provide valuable insights into underutilised or overcrowded spaces, enabling you to optimise your real estate footprint accordingly.

According to a report by CBRE, organisations typically utilise only 67% of their office space. This underutilisation highlights the potential for optimisation using CAFM software.

Understanding Workforce Dynamics and Incorporating CAFM Solutions:

As remote and hybrid work arrangements become more prevalent, it’s essential to consider employee preferences and needs when rightsizing. CAFM software can help you manage flexible workspaces, monitor employee attendance, and allocate resources efficiently based on current workforce dynamics. By using CAFM software to accommodate changing work styles, you can create a more comfortable and productive environment for your employees.

A Gartner survey found that 82% of company leaders plan to allow employees to work remotely at least part-time, emphasising the need for flexible workspaces and effective CAFM solutions.

Forecasting Future Needs Using CAFM Software:

CAFM software can help you anticipate your organisation’s future space requirements by analysing historical data, current trends, and planned changes. This allows you to proactively adjust your real estate strategies based on industry or market shifts, ensuring that your real estate footprint remains aligned with your business goals and evolving needs.

The Global Flexible Workspace Market report projects that the global flexible workspace market will grow at a compound annual growth rate (CAGR) of 21.3% from 2021 to 2026, indicating the importance of anticipating future space needs and integrating CAFM software into real estate planning.

Considering Alternative Workspace Solutions and CAFM Integration:

Flexible workspaces, coworking arrangements, and shared office solutions can offer additional options for rightsizing your real estate footprint. CAFM software can streamline the management of these alternative workspace solutions by tracking usage, availability, and costs. By integrating CAFM software into your workspace management, you can make more informed decisions about which solutions are best suited to your needs.

According to JLL, 30% of corporate real estate portfolios could be flexible workspace by 2030, underlining the growing importance of alternative workspace solutions and the need for CAFM software to manage these spaces effectively.

Implementing Space Optimisation Strategies with CAFM Software:

Optimising your existing space is another essential aspect of rightsizing. CAFM software can assist in identifying opportunities for improvement, such as space planning, furniture reconfiguration, and technology upgrades. With the insights provided by CAFM software, you can create a more efficient and productive work environment.

A study by Gensler found that only 33% of workers believe their workplace effectively supports their work activities, suggesting that there is significant room for improvement through space optimisation strategies supported by CAFM software.

Negotiating Lease Terms and Exploring Options with CAFM Data:

When it’s time to negotiate lease terms or explore other real estate options, such as subleasing or finding a new location, CAFM data can provide insights into your current and future space needs. By leveraging this data during negotiations, you can secure more favorable lease terms and make better-informed decisions about your real estate strategy.

A study by PwC found that 75% of CFOs plan to reconfigure office spaces due to COVID-19, indicating the value of CAFM data in supporting lease negotiations and real estate decision-making.

Communicating Changes and Ensuring a Smooth Transition with CAFM Support:

Clear communication is vital when implementing rightsizing plans. CAFM software can help you communicate changes by providing visualisations of new space layouts, resource allocations, and expected outcomes. By sharing this information with employees, stakeholders, and partners, you can foster a better understanding of the rationale behind your rightsizing decisions and ensure a smoother transition.

According to a Gallup poll, 43% of remote employees feel disconnected from their company’s communication. CAFM software can help bridge this gap by providing clear visualisations and information about changes in real estate and workspace arrangements.

Monitoring and Reassessing Your Real Estate Footprint with CAFM Software:

Regularly reviewing and reassessing your real estate needs is crucial for maintaining alignment with your business goals and evolving requirements. CAFM software can provide ongoing data and insights into space utilisation and workforce dynamics, allowing you to adjust your rightsizing strategies as needed.

A report by CBRE found that 40% of companies plan to use data and analytics to optimise their real estate portfolio, highlighting the increasing importance of monitoring and reassessing real estate footprints using tools like CAFM software.

Rightsizing your real estate footprint is a crucial aspect of adapting to the changing work environment and maintaining a competitive edge.

By leveraging CAFM software, you can make informed decisions about your workspace, understand workforce dynamics, forecast future needs, explore alternative solutions, and communicate changes effectively.

With the right tools and strategies in place, rightsizing can lead to significant cost savings, increased efficiency, and a more productive work environment.

We encourage you to explore CAFM solutions and take the first step towards optimising your real estate footprint today.

Click here to read more FM-related blogs from the AGS team.

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