Virtual Office Featured Article

The Virtual Office: A More Affordable Place to Set Up Shop

December 18, 2018
By Paula Bernier, Executive Editor, TMC

Hong Kong, Tokyo, Paris, Zurich, London. These are the world’s most expensive places in which to operate a business, says to EconoTimes.

In London $100 million gets you 43,899 square feet of office space. In Zurich it’ll buy 43,754.

Paris is Europe’s most expensive office market. So you think petit if you want to be there but have a limited budget.

If that has you saying oh la la, hold on to your chapeau, because $100 million buys just 31,282 square feet of office space in Tokyo. In Hong Kong that same amount gets you a scant 11,698 square feet.

Place like Manhattan and San Francisco obviously very pricey too. In fact, you’ll be lucky if you can get space in San Francisco at all.

 “Traditional tenants with 10-year leases rolling in 2017 have net negative 6.3 million square feet of space to choose from now,” Knight Frank reports. “This is because the space has been leased by new tech companies that were not in existence 10 years ago…. Tenants are also facing asking rates that are double what they saw 10 years ago.”

Some companies are reacting to the limited and expensive real estate supply in major markets by locating in nearby cities like Oakland. But office space in those locations can cost a pretty penny too.

So some organizations are allowing select or all of their employees to work from home. Telecommuting used to be the term to describe this arrangement. But the term virtual office has come into vogue.

Cloud-based business communications and collaboration solutions make it easier and more affordable to support virtual offices and keep remote workers in the loop. And companies can track their remote workers using such tools as HiveDesk, Roadmap App, and Time Doctor. Such solutions can record what hours people work and capture their computer screens so supervisors can see what they’re doing.

Edited by Maurice Nagle

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