Holding the Line on Office Expenses
- Jan 17, 2014
Owners and managers of private-sector office buildings significantly trimmed costs related to utilities, security and roads and grounds from 2012 to 2013. According to the Building Owners and Managers Association International and Kingsley Associates, security expenses declined 14.5 percent and utility costs fell 12.4 percent.
Roads and grounds expenses make up only about 2 percent of office operating budgets on average, but those costs dropped 14 percent year over year. As the chart below shows, other expense categories held steady or posted a slight decline.
For more about smart budgeting strategies, be sure to read “Hold the Line” in the February issue of CPE.