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Home News CRE

Corporate Offices Sit Empty for One-Third of Working Hours, Costing Millions

Despite ‘back to office’ requirements, more than one-third of corporate office space is sitting empty, according to new data.

Jo MeunierbyJo Meunier
October 12, 2022
in CRE
Reading Time: 1 min read
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Corporate Offices Sit Empty for One-Third of Working Hours, Costing Millions

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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.  

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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. 

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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. 

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Source: Fast Company
Tags: CRE
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Jo Meunier

Jo Meunier

Jo is Allwork.Space's Senior Editor for the UK and Europe. Jo has worked within business centre and coworking circles since 2009, researching and contributing written features for numerous industry publications. She reports on the latest market news and delves into local issues with one main objective: to champion the flexible workspace industry and its members.

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