Fortune 500 companies may be taking action on their ‘back to office’ requirements. But new data shows that huge chunks of office space are sitting empty – and costing millions.
A new study by Density, which analyzed thousands of workplaces used by Fortune 500 companies across 13 cities, found that a significant chunk of office space is sitting unused and empty for much of the workday.
According to the data, these spaces are sitting empty for more than a third of working hours.
“They’re spaces that are essentially paid for but nobody is using,” said Density CEO Andrew Farah.
Extrapolating that out for the 2,000 office spaces in the dataset, Farah says this adds up to more than $25 million a year that’s being spent on empty office space.
Based on the analysis, this includes a room worth $110,000 a year that was empty half the time, and another space worth $87,000 per year that’s empty 83% of the time.
Density’s software package, Atlas, allows companies to run their own analyses to understand how much space is being used, and where cuts and savings may be possible.