When companies look to cut costs during a recession, real estate is often one of the first places they look.

But reducing an office footprint isn't the only way to pare down lease costs. In a recent report entitled, "Strategic Cost Considerations for Corporate Employers," CBRE contends that moving jobs to lower-cost locations creates a much greater return on investment (ROI) than just cutting office space over the long term.

Labor costs make up as much as 85% of a company's operating costs. So, relocating offices from high-cost areas to emerging hubs can produce massive cost savings. For instance, moving software engineering positions from San Francisco to an emerging market like New Orleans saves $24,000 per job per year, according to CBRE. Moving 250 of those positions saves $6 million per year or $60 million over 10 years.