The Ultimate Guide to Saving Money on Office Space

With the current economic climate, every penny counts, and people want ways to save as much as they can. In this instance, businesses are no different. Office space costs, taxes and staffing expenses, to name a few, can be daunting, so frugal strategies are paramount in these trying times.

The numerous costs to budget for, such as staff salaries, office rent costs, utilities and supplies, means you must consider how much you spend and how much is unnecessary.

For small businesses, in particular, excessive spending can quickly eat away at their limited resources, hindering growth and sustainability.

However, from choosing flexible or serviced office space to going paperless, you can take various steps to reduce costs within your organisation.

This comprehensive guide aims to empower business owners with practical strategies and expert insights on saving money on office space without compromising productivity or professionalism.

By implementing cost-effective solutions and exploring alternative options, you can optimise your workspace to meet your specific needs while keeping your budget in check.

Take a look as we explore how to save money in the office for both start-up businesses and established companies.

1) Decide how much space you need.

How many employees work in the office? How much storage space do you need? Is your company growing? These are all questions to think about to determine the amount of space you need.

Conduct a detailed analysis reflecting your organisation’s current needs and the future requirements you will have to accommodate, such as the workplace layout. You can decide what size office space you need by accurately estimating the preferred area to meet these requirements, meaning you won’t overspend on unneeded space.

Implementing remote work and hot-desking strategies can also significantly reduce the need for large office spaces. Instead of assigning each employee a dedicated desk, consider creating shared workstations for staff to use on a rotating basis. This tactic saves money on room and promotes collaboration and a sense of community among employees.

We will explain more about flexible working options later in this guide.

Fostering collaboration and creating multipurpose areas is crucial to maximising space efficiency. Collaborative workspaces with modular furniture allow for easy reconfiguration and adaptability.

These spaces promote teamwork and innovation while making the most of available square footage. Additionally, incorporating multipurpose areas, such as meeting rooms that can double as temporary workstations or breakout spaces, can optimise the use of your office space.

While your business may grow, renting unnecessary office space can be expensive. Instead, you can opt for a smaller area and expand it or renegotiate the lease when needed. By closely monitoring your business’s growth trajectory and adjusting your office space accordingly, you can avoid paying for unused or underutilised areas.

2) Search the entire office market.

Industries once had more fixed locations within London with minimal room for flexibility. But that is no longer true! Businesses are not confined to a particular area due to their sector and can instead find that ideal office space for a better price.

When saving money on office space, casting a wide net in your search is crucial. Consider exploring office spaces in popular and emerging areas instead of limiting your options to a single neighbourhood or district.

Thinking outside the box and exploring different locations can uncover hidden gems with more affordable rental rates while maintaining accessibility and amenities. Our London office area guides can help you find the perfect area for your organisation.

Another strategy to consider is subleasing from other businesses. Subleasing allows you to share the rent and operational expenses with a company with excess space. It’s a win-win situation, as they can offset some of their costs while benefiting from a more affordable office space. Just ensure the sublease terms are clearly defined.

You can also find more unconventional rented office space, offering cost-effective solutions for your company. For example, co-working spaces, business incubators and shared workspaces can provide reduced expenses with flexible leasing terms.

To navigate the vast office market effectively, leverage online platforms and real estate brokers specialising in commercial properties. Online platforms provide a comprehensive list of available office spaces, allowing you to compare prices and features easily. Real estate brokers have in-depth knowledge of the local market and can help you find suitable office spaces within your budget.

Remember, the key is to think creatively and be open to exploring different possibilities. With careful research and planning, you can find the perfect office space while maximising cost savings for your business.

3) Negotiate lease terms.

When saving money on office space, one of the most effective strategies is negotiating lease terms with your landlord. The good news is that current market conditions present opportunities for negotiation, giving tenants an advantage in securing favourable lease terms and rental rates.

Your power to negotiate lease terms will depend on the current property market. Landlords with a sufficient number of potential tenants are less likely to negotiate. However, if landlords struggle to find tenants, they are more likely to consider your terms so you can reach a mutual agreement.

To make yourself appear as a more desirable tenant, highlight your financial stability and credibility during these negotiations. Long-term commitments and previous leasing history can also be advantageous and make a landlord more inclined to agree to your terms.

Negotiating a shorter lease or options for downsizing or expanding in the future can help you save money later in the tenancy. These flexible terms can allow you to change your office space to accommodate your needs without requiring a new workplace.

For example, without this negotiation, you could be stuck in a too-large office with a cost designed for a larger company or team if your business downsizes.

Engage in the services of a commercial real estate or lease negotiation expert to help arrange office renting costs. They can guide you through this process, ensuring you secure the most favourable terms and minimise potential pitfalls. While their services come at a price, their expertise can save you significant money in the long term.

4) Opt for a serviced office space.

There are several reasons to rent a serviced office space, one of which is it can save you money within your workplace.

One of the critical advantages of choosing a serviced office space is access to shared resources, utilities, and support services. Instead of signing separate contracts and dealing with multiple vendors, businesses can benefit from bundled services.

These include shared reception services, conference rooms, IT infrastructure, and communal spaces. By sharing these resources with other tenants, businesses eliminate the need for individual contracts and reduce costs associated with maintenance and upkeep.

As these facilities come as part of the rental cost, you can access them without worrying about additional expenditure. If you want to impress potential clients, these elements can help elevate the professional image of your business without breaking the bank.

Please note that the specific amenities that accompany an office space will vary.

Serviced office space also grants more flexibility, such as renting on a short-term basis, so you can alter your workplace to suit your organisation’s needs. For start-ups and smaller businesses, this can be particularly useful. It can also benefit companies whose growth patterns are fluctuating.

5) Use an office lease checklist.

Another of our office money-saving ideas is using an office lease checklist before signing any lease agreements. The significance of this process cannot be overstated, as it can save business owners from costly surprises and unnecessary expenses down the line.

Below are some of the factors you should consider before signing a lease.

Lease Terms

Carefully review the lease terms, including the duration and renewal options. Ensure the lease length aligns with your business goals and provides flexibility.

Rental Rates

Understand the rental rates and any potential rent escalations over the lease term. Negotiate these terms to fit within your budgetary requirements.

Maintenance Responsibilities

Clarify who is responsible for maintenance and repairs. Be aware of any hidden costs arising from these obligations and negotiate favourable terms whenever possible.

Termination Clauses

Pay close attention to the termination clauses in the lease agreement. Understanding the process and associated costs for early termination can protect you from financial penalties.

Additional Expenses

Be aware of potential hidden costs, such as parking fees, utilities, and maintenance charges. Consider these factors when evaluating the affordability of the office space.

Area Expenses

Investigate any additional expenses associated with the area, such as common area maintenance fees or property taxes. Assess the impact of these expenses on your overall budget.

You can significantly reduce office space costs by meticulously evaluating these factors and negotiating key clauses. Consult a legal professional to ensure your lease agreement is fair and in your best interest.

6) Hybrid working.

Flexible work arrangements have become increasingly popular in today’s modern work environment. The COVID-19 pandemic revealed how remote working is possible and worthwhile, so introducing hybrid working can be an ideal way to save money.

Businesses can downsize their office space requirements by reducing the number of employees physically present in the office. This downsizing translates to direct cost savings on rent, maintenance, and utilities.

Furthermore, companies can explore flexible workspace solutions such as hot-desking or shared office spaces, enabling them to optimise space utilisation and further reduce expenses.

When staff alternate between working from home and commuting to the office, you can reduce the cost of electricity and other amenities as your organisation no longer requires them in their current quantities.

You must invest in reliable technology infrastructure for this work model to operate effectively. This may mean using business mobiles to ensure effective communication from various locations or paying for employee broadband so staff can complete tasks away from the office. Still, these expenses can result in substantial savings in the future.

Beyond cost savings, hybrid working also improves employee satisfaction and productivity. Numerous studies have shown that employees with the flexibility to work remotely are more likely to experience higher job satisfaction, leading to increased retention rates.

Additionally, the ability to work from home can significantly improve work-life balance, resulting in reduced absenteeism and increased overall productivity.

For more information about this work style, we explained hybrid working and whether it suits your business.

7) Outsource positions.

Full-time employees can be expensive, especially if they are not always needed. Instead, consider outsourcing some of the roles within your company as required.

Businesses can reduce their reliance on dedicated in-house staff by identifying tasks such as IT support, marketing, or customer service that they can delegate to external experts. Rather than investing in recruiting, training, and retaining staff for non-core functions, businesses can tap into the skills of experienced professionals on an as-needed basis.

This flexibility allows for significant cost savings and ensures that experts handle tasks, resulting in higher-quality outcomes.

Another advantage of outsourcing non-core functions is that businesses can focus on their main competencies, leading to increased efficiency and productivity. Companies can streamline operations and allocate resources more effectively by entrusting specialised tasks to external providers, improving cost-effectiveness.

8) Go paperless.

In today’s digital age, where technological advancements continue to reshape the way we work, it’s no surprise that businesses are increasingly opting for paperless offices. This sustainable option not only streamlines document management processes but also presents a way to save money in the office.

At the time of writing, printing is the highest expense for a business after payroll and rent, and the average staff member spends £700 on printing within a year. Therefore, going paperless can save your company significant money.

The savings associated with reduced printing, photocopying, and paper supply expenses are significant. Printing and paper supplies, including ink cartridges, can quickly add up, impacting a business’s bottom line.

Transitioning to digital processes reduces the need for paper-based workflows, encouraging employees to embrace electronic collaboration tools and cloud-based solutions. These tools facilitate seamless document sharing, editing, and real-time collaboration, minimising the need for costly printing and photocopying.

Digital operations also reduce the need for manual signatures by using electronic equivalents. This saves time and resources by minimising the need to print documents to sign them and scan them back into the relevant devices.

Not only does going digital reduce costs, but it also lessens the space you need within the office. Traditional file cabinets and storage rooms take up valuable office real estate and can be costly. Without paper, you don’t need as many filing cabinets and other storage facilities for paper supplies, so you work in a smaller space and save money on renting your office.

Going paperless also aligns businesses with sustainability efforts, which can appeal to more environmentally-conscious clients. Embracing digital document management reduces the demand for paper, leading to reduced deforestation and a positive environmental impact.

Furthermore, by minimising printing and physical document circulation, businesses can significantly reduce energy consumption and carbon emissions associated with paper production and transportation.

If some departments require paper, evaluate which business areas can become digital and respond accordingly.

9) Recruit graduates.

Finding the right staff for your business is crucial for the company’s progression, and graduates are an ideal way to expand your organisation whilst saving money.

Recent graduates bring many benefits to the workforce, including fresh perspectives, enthusiasm, and technological proficiency. Not only do they inject new ideas into your business, but they can also help drive innovation and keep your organisation on the cutting edge.

These individuals also tend to have lower salary expectations than their more experienced counterparts. This enables you to introduce new talent and knowledge to your staff whilst reducing labour costs.

To retain loyalty, invest in graduate development through mentorship and training. Individuals supported and guided within a company are more likely to remain there, reducing the needed recruitment and training costs for new employees. It also enables you to cultivate a motivated and highly skilled workforce long-term.

Moreover, recruiting graduates enables businesses to nurture them for future leadership positions within the organisation. By identifying and fostering talent early on, you can train individuals to take on more significant responsibilities and grow into leadership roles.

This internal development approach saves on external recruitment costs and ensures that your organisation has a pool of capable and knowledgeable individuals ready to assume key positions.

10) Switch banks.

When it comes to saving money on office space, one area that is often overlooked is banking services. Many businesses continue to use the same bank for years without assessing the fees associated with their accounts. However, switching banks or negotiating better terms can result in significant cost savings and financial benefits for your business.

Firstly, research various banking companies and the services and products they provide. Include their business loan rates and lines of credit in your search.

Determine which banks offer competitive rates to your current bank. Securing a loan or line of credit with lower interest rates or more favourable terms can reduce borrowing costs and improve your company’s financial position.

Furthermore, by switching banks, you may gain access to value-added services that can enhance your business operations. Look for banks that offer cash flow management tools, expense tracking, or merchant services at competitive rates. These services can help streamline your financial processes, reduce administrative burdens, and improve efficiency.

In addition to exploring better rates and services, consider assessing the transaction fees and account maintenance charges associated with your current banking services. By switching banks, you may be able to find institutions that offer reduced or waived transaction fees, resulting in substantial savings over time.

Contact your account manager or relationship officer to discuss the possibility of lower fees, reduced interest rates, or other terms. Banks may negotiate with their valued customers to retain their business.

11) Get the best deal possible.

Whilst finding the perfect office space is exciting, take the time to ensure it is the best deal you can get. Comparing what is available can save significant amounts of money long term, which means exploring all your options and leveraging multiple sources to find the most cost-effective solution for your needs.

Research your options, use multiple sources to gain as much information as possible, and compare prices and features, such as lease terms, amenities, and rental rates. Whilst the first one you find might appear as your dream office, you may find one that meets your needs whilst saving you money.

In this situation, negotiation skills can be beneficial to have and use. Engage with landlords or property managers, and don’t be afraid to ask for reduced rent, flexible payment schedules, or bundled amenities such as maintenance and utilities. Remember, everything is negotiable, and a well-prepared negotiation can result in significant savings over the long term.

Some landlords offer incentives to encourage tenants to rent their properties. These incentives can include reduced rates and rent-free periods. Use these advantages to save your business money, and don’t be shy about asking for such perks, as they can help you secure a more cost-effective office space arrangement.

If you think you’ll use this office space long-term, consider signing a more extended contract. These more substantial leases can lower the rent costs, as landlords tend to be more inclined to lower rental rates for tenants willing to commit to extended agreements. However, consider whether this option is suitable, as it limits flexibility if your business needs change.

You may need a workplace consultant to help you find the best deals for your company.

12) Use technology solutions.

Whilst in-person interactions are valuable, office technology solutions can provide cost-effective alternatives that meet your company’s needs. Communication can become more streamlined and meetings more remote, so you no longer need such extensive office space to meet your daily business requirements.

Instead of using additional rooms for meetings, introduce video conferencing. Businesses can conduct virtual meetings with clients, partners, and remote teams, enabling staff to work from home.

By reducing the need for face-to-face meetings, companies can eliminate the costs associated with renting large meeting rooms. Video conferencing saves money and enhances efficiency, allowing instant communication and eliminating time wasted commuting.

Collaborative tools like project management software and online document-sharing platforms enable teams to work together seamlessly, regardless of physical location. These platforms promote real-time collaboration, task assignment, and progress tracking, eliminating the need for extensive office spaces dedicated to housing team members and saving on rent.

You can also use robust remote work infrastructure, such as virtual private networks (VPNs), secure remote access systems and reliable internet connections. Incorporating these elements into your organisation means your office space size can reduce significantly.

Using robust remote work infrastructure means your employees can work from any location without compromising productivity or data security, allowing the rental rate to decrease so you can invest that money into other areas of your business.

13) Improve productivity.

Office costs don’t just refer to the rent or cost of utilities. It also includes the productivity within your company, and improving this productivity is an easy way to save money.

The more productive your business, the more money you save, as your team can complete more tasks within a specified timeframe. Employee satisfaction impacts productivity in the workplace, so invest in a positive work environment to heighten their engagement in the office. There are various ways to improve workplace productivity.

For example, flexible work schedules to accommodate individual preferences and needs can reduce stress and boost morale. Also, employee recognition programmes can improve motivation as the organisation recognises staff for their hard work.

Professional development also allows colleagues to grow and develop, which can provide job satisfaction and motivation. Your staff are also more skilled in their role, contributing to higher quality work. Feeling valued and celebrated for their achievements can reduce turnover rates and improve productivity.

High turnover rates cost organisations money as they must invest in hiring and training new staff, which can be expensive. Engaged and valued employees are more likely to remain within the company, lowering these costs and saving money.

Staff are not the only way to increase productivity. Check your workflow process and ensure it is efficient. There may be unnecessary steps which can decrease profitability. Regularly review your methods and alter them to reduce costs and increase efficiency.

14) Sustainable transport.

Sustainable transport not only saves your company money, but it can save your staff money too. You can significantly reduce employee commuting costs by encouraging public transportation or carpooling.

Public transportation passes or shared carpooling expenses are often much more affordable than individual car ownership and parking costs. These options can lead to substantial savings for employees and the business. They also positively impact the environment by reducing carbon emissions.

Moreover, promoting these initiatives can reduce the need for extensive office parking facilities. This reduced parking frees up valuable space you can repurpose to suit business needs or potentially downsize, saving considerable real estate costs.

To help with this, choose an office space close to local transportation. Less-connected areas increase reliance on cars, meaning you pay for more parking spaces. Having local transport provides more commuting options for staff. This transport access aligns businesses with sustainability, demonstrates corporate social responsibility and benefits employees.

Promoting walking or cycling initiatives can also reduce office costs. While you may have to invest in bike racks, you won’t have to pay for large car parking areas, saving more long-term money. It also promotes a healthier workforce, reducing the need for sick leave and increasing workplace productivity and engagement.

Implementing telecommuting policies or flexible work schedules can also reduce the need for daily commuting. With advancements in technology, colleagues can efficiently complete many tasks remotely. Working from home reduces commuting costs and allows businesses to consider downsizing their office space requirements.

15) Use cloud-based services.

Cloud-based services are an ideal way to save space and money. Adopting cloud computing solutions reduces the need for physical servers, data centres, and costly IT infrastructure, so businesses require less space to function in their office.

Collaboration is crucial for businesses to thrive in today’s fast-paced environment, and cloud-based services excel in this area. Real-time document sharing, project management tools, and virtual team collaboration platforms offered by cloud providers enhance productivity and streamline workflows.

These solutions eliminate the need for extensive office space and reduce in-person meetings, saving time and money. Your team can work together seamlessly, regardless of physical location, fostering collaboration and boosting efficiency.

Cloud-based services also offer data security whilst minimising the need for physical storage or backup infrastructure. These solutions have various protective measures, such as access controls and encryption, to keep your data secure without needing physical space, so you can reduce your office space without losing information.

Another advantage of cloud-based services is reducing maintenance costs. With physical servers and data centres, businesses must bear hardware maintenance expenses, software updates, and IT personnel. You transfer these responsibilities to the service provider by migrating to the cloud, freeing valuable resources and reducing operational costs.

Furthermore, cloud computing provides access to advanced technologies without significant upfront investments. Cloud service providers update their platforms with the latest tools and features, enabling your business to use modern technological advancements. This eliminates the need for expensive and quickly outdated hardware upgrades and software licenses.

16) Look after your employees.

Saving money isn’t all about reducing space and negotiating leases. It also means looking after your staff and keeping their satisfaction in mind.

Recruiting a new colleague is expensive and time-consuming, so creating an environment where staff want to remain is critical. Content and fulfilled employees are more likely to stay with the company for the long term, which reduces recruitment and training fees and maintains a productive and knowledgeable workforce within the organisation.

Focus on promoting your company culture within the workplace to improve staff happiness and productivity. Also, invest in non-monetary benefits, a cost-effective way to make colleagues feel valued.

For example, wellness programs, such as gym memberships or on-site fitness classes, promote employee well-being and reduce healthcare costs by encouraging healthier lifestyles. Employee discounts for products or services can be negotiated with local businesses, providing a valuable perk for employees while fostering partnerships within the community.

Additionally, subsidising commuting options like public transportation passes can save employees money on transportation expenses while reducing parking demands and traffic congestion. This option can improve employee satisfaction and loyalty to the business, so you spend less on hiring new staff as the turnover rate lessens.

Reducing employee stress is crucial when caring for your staff. Stress and exhaustion can result in burnout and cost companies money through absences and resignations. Focusing on mental health and the workplace can reduce staff turnover and absences, saving the business money and improving your colleagues’ well-being.

Investing in employee training and development programs is another critical aspect of employee satisfaction and retention. By providing opportunities for growth and advancement, businesses can tap into the potential of their existing workforce.

17) Take advantage of apprenticeships.

Whilst we have previously mentioned the benefits of recruiting graduates, we are yet to explore the advantages of apprentices in the office. These individuals can be excellent additions to your team whilst saving money within the workplace.

UK employers pay the apprenticeship levy, which helps to fund apprenticeship training. This levy is held for two years; you lose the money if you don’t use it. Therefore, take advantage of the opportunity and employ apprentices in your company.

Governments worldwide offer financial incentives to encourage businesses to hire apprentices, making it a win-win situation for employers and young talent looking to kick-start their careers.

These incentives offset the costs of training and mentoring new apprentices. Governments recognise the value of investing in developing future workers by providing financial support. This government support can significantly reduce the financial burden associated with training and reduce the overall cost of hiring and retaining talent.

Whereas more experienced individuals require a higher wage, apprentices have a lower wage requirement. They also carry an eagerness to learn and a fresh perspective, making them a cost-effective and enthusiastic solution for filling entry-level roles within the business.

Companies can also mould apprentices according to their needs, ensuring they acquire the skills and knowledge to excel in future positions and fit the company culture. By investing in apprenticeships, companies can develop a pipeline of skilled employees tailored to their requirements, saving costs on recruitment and onboarding processes.

Furthermore, apprenticeships can lead to long-term employee retention. Apprentices often develop a sense of loyalty and commitment to the company that invested in their training and provided valuable learning opportunities.

By nurturing and supporting apprentices, businesses can cultivate a dedicated workforce more likely to stay with the company for the long haul. This can result in reduced turnover costs and the retention of knowledgeable employees familiar with the organisation’s operations and culture.

18) Save on utilities.

Some types of office space, such as serviced office space, can include utilities in their rental rates. However, other offices require you to pay for your utilities separately. If this is the case, there are various ways to save money when paying for your utilities.

Invest in energy-efficient technologies and control utility usage where appropriate to reduce overhead costs and enable you to use that money elsewhere in the business.

Turning off unnecessary equipment reduces electricity usage. For example, switching off lights in an empty room, coffee machines when not in use and printers when nothing needs printing can all save money on the electricity bill.

Energy-efficient equipment can reduce costs when in use. Consider replacing traditional incandescent light bulbs with energy-saving LED lighting. LED lights consume significantly less energy and have a longer lifespan, reducing the need for frequent replacements. Opting for low-power appliances can make a noticeable difference in your energy consumption.

Smart thermostats can also help reduce utility rates in the office. These devices alter the temperature of a room as needed depending on occupancy. Using smart thermostats reduces unnecessary heating or cooling during off-peak hours and when the space is empty. It also lessens wasted energy and, therefore, electricity costs.

Consider implementing smart energy management systems to take your energy savings to the next level. These systems use advanced technology to monitor and control energy usage in the office. By collecting real-time data, they can identify areas of high energy consumption and detect potential sources of waste.

With this information, you can make informed decisions about energy-saving measures and implement cost-effective solutions. Smart energy management systems can also provide automated controls, such as turning off lights and equipment when not in use, reducing energy waste.

19) Use energy-saving devices.

As well as reducing utility costs, you can also use devices designed to save energy. Implementing these devices can reduce energy usage and overhead costs, meaning you have more money to use in other business areas.

Motion sensors are a great way to make your office more energy efficient. These sensors detect movement within a space and alter devices accordingly, such as opening and closing automatic doors or turning lights on or off. Therefore, motion sensors mean you use less energy as the devices are only on when people are nearby, reducing energy costs.

Your business can also invest in power management tools such as smart power strips and energy-saving settings. Smart strips identify when devices are not being used and cut off the power to that device, which reduces energy wasted when technology is in standby mode.

Various devices, such as computers, have energy-saving settings that can automatically reduce energy consumption when used. The settings reduce the energy used during inactivity, saving your company substantial amounts of money long-term.

Another way to save energy is upgrading to energy-efficient heating, ventilation, and air conditioning (HVAC) systems. Modern HVAC systems are designed to optimise temperature control while minimising energy usage.

These systems employ advanced technologies such as variable speed drives, smart thermostats, and zoning capabilities to ensure precise and efficient heating and cooling. Investing in energy-efficient HVAC systems reduces your energy bills and creates a comfortable and productive work environment for your employees.

Furthermore, upgrading to energy-efficient HVAC systems can potentially qualify you for government incentives or tax credits. Many governments offer financial incentives to businesses that adopt energy-efficient technologies, encouraging sustainability and energy conservation.

20) Stay on top of taxes.

When it comes to saving money on office space, one area that business owners often overlook is the potential tax deductions related to office space expenses. By staying informed about the tax benefits available to you, you can maximise your savings and ensure compliance with tax regulations.

Keep track of all office space expenses that can be deducted, such as rent, utilities, maintenance, and property taxes. You can often claim these expenses as business deductions, reducing taxable income. By carefully documenting these costs, you can significantly lower your tax liability.

Stay informed about any tax incentives or credits local or national governments provide for businesses investing in energy-efficient or sustainable practices. Governments often offer financial incentives to encourage companies to adopt eco-friendly practices. Using these benefits, you can reduce office space expenses and contribute to a greener environment.

Another valuable tax-saving strategy is properly accounting for depreciation. Over time, office space assets and equipment tend to lose value due to wear and tear or technological advancements.

Accurate tracking and claiming depreciation expenses can offset your taxable income and reduce your tax liability. Consult with a tax professional to understand the depreciation rules and ensure compliance with tax laws.

Consult an accountant or tax professional to ensure you maximise your tax savings. You can also seek professional advice about VAT on commercial property.

With all these money-saving tips, you can reduce excess spending for your business and office space and instead channel those funds into different company areas. However, office space costs can still be expensive.

If you need advice about leaving a costly office or have a workspace query, contact DeVono to see how we can support your business.