Executive Summary
A leading travel services company adopted a hybrid workplace strategy but faced high overhead costs due to underutilized, fixed real estate. By leveraging data-driven insights from LiquidSpace's workplace management platform, they optimized their portfolio, reducing CRE costs by 90% in key markets and securing flexible office space in prime locations at a fraction of the cost of traditional offices.
90%
Savings in Key Markets
0%
Real Estate Waste
1600
Bookings In First Year
The Challenge:
The company's hybrid strategy conflicted with its traditional office footprint. Without access to employee behavioral data and market insights, it struggled to make informed decisions about its real estate portfolio. This inefficiency led to high costs for underutilized spaces, forcing the company to maintain offices that didn’t align with how employees worked. The lack of clarity around space utilization also made budgeting and planning challenging, further compounding inefficiencies. The need for a practical, data-driven approach became evident as the company sought to balance flexibility, cost savings, and employee needs to create a sustainable hybrid work environment.
The Solution:
The company turned to LiquidSpace's platform to harness the power of data, which delivered several game-changing benefits:
- Data clarity:
The platform's intuitive dashboard provided a comprehensive view of utilization and costs across all locations. This transparency uncovered inefficiencies, including how on-demand office space in a key market cost significantly less than traditional office leases.
- Simplified budgeting:
With easy access to monthly spending data, the company streamlined its budgeting process. By basing budgets on actual usage patterns rather than estimated needs, it eliminated waste and ensured better resource allocation.
- Utilization trends:
Detailed data analysis revealed that in certain markets, employees favored coworking spaces over headquarters for day-to-day tasks. Armed with this insight, the company restructured its real estate portfolio to better align space availability with employee preferences, optimizing costs and usage.
Liquidspace’s dashboard has made it really easy to see what our average spend per month is, which makes budgeting for the year ahead a breeze...
- Workplace Experience Manager
The Results:
The company’s data-driven strategy delivered significant outcomes:
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Dramatic cost reduction:
By identifying underutilized spaces and adopting flexible options like on-demand workspaces, the company reduced real estate expenditures by 90% in key markets, freeing up millions for other priorities. -
Boosted employee collaboration:
The hybrid work model offered employees a range of tailored work environments, encouraging purposeful in-person gatherings and fostering collaboration. -
Improved workspace utilization:
Data insights allowed the company to align its real estate portfolio seamlessly with employee needs, maximizing the value of every space and enhancing overall efficiency.
This transformation underscored the power of data in navigating the complexities of hybrid work, proving that the right tools and insights can turn challenges into opportunities.
Key Takeaways
This case study demonstrates how using data can transform your CRE strategy, delivering measurable cost savings and a more efficient workplace:
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Slash costs with data-driven insights:
Stop letting underutilized space drain your budget. Leverage data to identify opportunities and unlock dramatic cost savings.
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Embrace flexible workspaces:
Ditch the idea of fixed offices gathering dust. Empower your workforce with a variety of space options, from on-demand workspaces to dedicated office hubs.
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Optimize space ruthlessly:
Analyze your current footprint and eliminate inefficiencies. Data is your superpower.
