Advancements in technology are having a real, positive impact on the bottom line of commercial real estate tenants. While rent costs are fixed, day-to-day office operations have become faster, easier and cheaper to manage. Below are just a few ways to use technology to your advantage and save your company money.
Better Control of Utility Costs
Technology is making it easier for companies to save money on their utilities. Swapping out incandescent or halogen light fixtures with state-of-the-art LED lights can dramatically reduce energy consumption. LED lights give off less heat so they reduce the cost of running air conditioners in the summer time. New technologies also make it easier for companies to control the thermostat settings. With a smartphone or tablet it’s now possible to remotely control HVAC systems from locations anywhere in the world.
Reduce Square Footage
Modern technology can potentially reduce your need for square footage and save you money on rent. Today’s computer systems are much more compact than those of just a few years ago making it possible to have more workstations in an area. Advancements in smart phones and computer/cloud storage also make it easier for employees to work remotely from anywhere. Office and work space sharing can decrease your total square footage needs.
Expedite Your Contracts
Technology advancements have made lengthy and time consuming paperwork a thing of the past. The entire contractual process can be done much more quickly and virtually anywhere and at any time. What used to take days of back and forth now just takes hours allowing you to spend more time on other business.
Level the Playing Field With Landlord Negotiations
Commercial tenants now have online access to real estate information that used to be available only to landlords and brokers. Real estate sites LoopNet, CoStar and others can provide information regarding rental rates and market conditions and can help level the playing field when you’re negotiating with a landlord. Commercial real estate tools can help you negotiate fair terms and ensure you aren’t being overcharged for your space.
While the latest technologies do come at a cost, the benefits that they can provide for commercial tenants typically justify the monetary investment by saving you money over the long term or improving your overall levels of efficiency to positively impact your bottom line.