In his report A Waste of Space Bootle concluded that companies could enhance their commercial performance and boost profits by up to 13% by exploiting property sale and leaseback deals, hot desking, eliminating unused space and challenging over-inflated rates bills.
The UK's stock of commercial property is currently worth around £400 billion ($580 billion) and accounts for 34% of total business assets, yet it is one of the most overlooked areas of industry. The report found that 25% of major corporations have not discussed property at board level for at least three years. And some even have 'dark properties': premises of which head office has no record.
The research is being used to raise the profile of property issues on the business agenda, and RICS Chief Executive Louis Armstrong said: 'It is difficult to overstate the value good property advice can add to a business. It can make the difference between a business that flourishes and one that folds. Senior management should be looking to their property professionals to save money, boost profits or change the property arrangements to release capital to contribute to the growth of the business.'
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