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Unused Office Space (what to do with it)

Due to the recent downturn in the economy, my company has found itself with a great deal of extra office space on its hands.  This was purchased during the boom and there is very little we can do to get out of it save sub-leasing.  Since quite a few companies are also in the same boat the market for sub-leasing is really weak.  Has anyone in a similar situation come up with any creative solutions to this problem?

J
Thursday, July 31, 2003

Allow non-profits to use it and right it off as a charitable deduction.  I'm just yammering so this might be illegal but the revenue boys will certainly let you know.

...
Thursday, July 31, 2003

How much is a lot?

IANAL, but maybe you can let a non-profit use it, and write it off as a donation to charity?

Joe Grossberg
Thursday, July 31, 2003

Find a few people with an interesting idea for a startup and instead of investing in their company, give them office space in return for some shares.

If their names are Steve and Woz, even better.

Hardware Guy
Thursday, July 31, 2003

Can I make a quick tax comment?

All the people who think that there would be a charitable writeoff in donating the space are missing a point: the cost of renting office space is already fully deducted as a normal business expense, so it's not deductible any further. If you want to loan it to a charity, hey, more power to ya', but don't do it for the deduction because it's already deducted.

Joel Spolsky
Thursday, July 31, 2003

Good point Joel <g>

...
Thursday, July 31, 2003

Give it to the emplyees as private rooms/hobby spaces/team spaces etc.
Hey, they'll love it and spend more time at the office ;-)

Just me (Sir to you)
Thursday, July 31, 2003

Give everyone private offices.

chris
Thursday, July 31, 2003

Just an update to this thread.  Giving everyone private offices would be nice, but the office space in question is across the country so there are no people in our company that could occupy it.

J
Thursday, July 31, 2003

Put in a foozball table. Or a plasma screen TV like Joel is doing with his new place. (;

Avrom Finkelstein
Thursday, July 31, 2003

If you can't use the space yourself then I would suggest offering it to a start-up or a student group.  Contact the local high school, put up a few fliers at a local college.  At least someone can get some use out of it. 

Think of it as sub-leasing without the income.

Lou
Thursday, July 31, 2003

Partition it off and create virtual office space.  A company does this by me.  You rent "access to an office space"  for meetings, etc.    This way a remote team has a place to get together to work things out, but do not require office space on a continous basis.  It also contains a photocopier, phones, a LAN, break room, etc.

Think of "hotel for office space..."

My city is small (under 200,000) and still keeps them busy.

BigRoy
Thursday, July 31, 2003

Create a web site called "www.joelonofficespace.com".

Spolsky himself could write tons of articles about how to locate, lease, renovate and use office space. That seems to be the majority of his writing now anyway.

Wheres the Beef?
Thursday, July 31, 2003

wow...nice troll beef <g>

GiorgioG
Thursday, July 31, 2003

It seems like most of these ideas revolve around starting up a new business... The subletting busines, the renting business, the charity business...

What are your core competencies? Maybe there's a use you can find for the space that revolve around those... Server farm for example. If you already maintain your own servers, turn it into a managed hosting facility & do colo and shared hosting.

Just a thought.

www.marktaw.com
Thursday, July 31, 2003

> the office space in question is across the country so there are no people in our company that could occupy it.

I can think of a couple folks here whom I'd love to stick in an office across the country :)

I'd never thought of it before, but my last 2 employers had the same problem.  They ended up leaving the space empty.  This empty space was in the same building (south half of the bldg for company1, first floor for #2), so moving people into it shouldn't have been hard.

snotnose
Thursday, July 31, 2003

Where is this office space located?

James Park
Thursday, July 31, 2003

James:

Some of it is in Virginia, but we also have space elsewhere.  Are you interested ;)

J
Thursday, July 31, 2003

Love Lounge.

Mrs. Robinson
Thursday, July 31, 2003

Beach house!

Sounds like you really want to sublet.

www.marktaw.com
Thursday, July 31, 2003

If it's a money issue then default on the lease and let the chips fall.

Stingely
Thursday, July 31, 2003

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