Magazine article Management Services

Survey Reveals the True Cost of Running an Office

Magazine article Management Services

Survey Reveals the True Cost of Running an Office

Article excerpt

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How many businesses in the UK know how much it really costs to run an office? The latest Total Office Cost Survey (TOCS) should prove invaluable in helping managers to identify what their true costs are and be in a better position to control budgets.

The survey has been conducted by a consortium comprising leading international real estate surveyors Cushman & Wakefield Healey & Baker, City University Business School and Actium Consult. It provides an independent and accurate guide to the total cost of occupying office buildings and this latest version has been expanded in size to cover 40 major locations in the UK, using data supplied by 21 leading UK businesses.

TOCS meticulously benchmarks all costs, including annual and one-off costs associated with occupying and staffing 5,000 sq feet of good quality office space on a standard 10 year lease. It examines utilisation of office space and establishes the standard size of a workstation. The annual TOC per-workstation for Birmingham, for instance, is L9,555 - marginally higher than that for Manchester, which has a per-workstation TOC of L9,524. This in turn, is marginally higher than Glasgow, which has a perworkstation TOC of L9,020. These compare well with the West End of London, which has the UK's highest TOC at L18,980. The lowest TOC in the UK is Plymouth at just L6,071 per annum.

The Total Office Cost Survey (TOC) reveals that while many businesses believe that the total cost of office space is just rent and rates, in reality rent and rates account for just 49% of the real total. …

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