- The average rental rate per square foot in Worcester, MA in 2017 was $17.44*. That’s nearly 15% higher than it was in 2014. And keep in mind, that figure may not include additional costs such as electric, heat and cleaning costs associated with leasing office space.
Even with the ability for some employees to work from home, your physical office is still vital to the success of your business. From making that first impression with potential clients to hosting meetings and networking sessions with employees and vendors, the office is still the heartbeat of your company.
So, with the rising cost of leasing space and the overhead that is associated with that, there is a very simple solution, one that many companies fail to think of, that will enable you to reduce your costs without impacting employee morale and may also be the solution you’re looking for in order to avoid a reduction in force.
Let’s take a look and crunch some numbers. Let’s say for example that you have a 10’ x 15’ space in your office that you use for storing documents or miscellaneous furniture. That’s 150 square feet of space being used for nothing other than storage. At $17.44 square foot, that equates to $2616, not including utilities. That is space that could be turned into an office, conference room, employee lounge or simply eliminated altogether. Over a twelve month period, that equates to $31,392.
Now, let’s take a look at the savings if you were to use a self-storage solution. Rates vary but a 10’ x 15’ self-storage unit will run you approximately $160. per month or $1920. per year. In addition, I always encourage renters to add insurance which would run a not so whopping $9./month for $2000. worth or coverage.
That’s an annual savings of $29,364 !!!
Most self-storage facilities, like ours offer 24 hours/day, 7 days/week access to your storage. Customer service is and should always be paramount. In addition, security is key and most locations have their entire areas covered by video cameras as well as fencing.
Simply put, using self-storage can save your company a significant amount of money or free up space for more revenue generating functions. Definitely something worth considering.
Location and easy access are also important so next week, we’ll discuss what to look for when selecting a self-storage facility.
*Figure obtained from LoopNet