End of Financial Year: Managing Surplus Space
Do you have extra space in your warehouse? Have your stock levels gone down approaching the end of financial year? With EOFY right around the corner, you could well be planning your annual stocktake. At this time of year when most businesses have begun to assess their inventory, it is a good time to reevaluate your storage needs. Today, we explore your options when it comes to managing surplus space and overflow requirements efficiently.
Don’t Pay For Space You Don’t Use
You may find at this time of year that you have overflow stock resulting in a immediate need for extra warehouse space. On the other hand you may discover that coming up to the end of the financial year your stock levels have gone down leaving you with excess space in your warehouse or industrial property.
In both cases you are likely to be looking at ways to reduce your costs in the new financial year in order to manage your business more efficiently. If your stock levels go down meaning you end up with surplus space, or you find you have a requirement for additional space to cater for extra stock, uTenant can help.
With leasing now the more affordable and efficient option for many businesses and industries, uTenant can help you to source someone to fill any surplus industrial space you may have in your warehouse or facility.
Vacant Warehouse Space Can Cost You
If your stock levels go down or you have a customer move on, you are not getting a return on that space you are leasing or own. In fact, industrial and warehouse space that is vacant for any period of time can be turn out to be very costly for your business.
If you have surplus space you’re not using, what are your options?
Subleasing surplus space
If you are leasing your current space but find a portion of your warehouse is sitting empty you should check whether you have a sublet cause in place within your lease agreement. Leasing the surplus space to a suitable tenant can save you a great deal of money. Whether you are leasing or own the facility, uTenant can assist you if you need to source someone to help you fill any surplus industrial space you may have.
uTenant’s property matching platform can make your life easier by connecting surplus space with tenants who need short-term overflow space.
Similarly, those tenants who are searching for short-term space can use uTenant to find their perfect match for the right vacant property.
Speak to your landlord about overflow requirements
Your existing landlord may have other properties so it is worthing speaking to them directly and being upfront about your overflow needs.
Source local 3PLs
Get in touch with local third-party logistics providers who might you may be able to form a strategic partnership with in order to manage your space requirements more efficiently.
At uTenant, we are continuing to see a number of third party logistics businesses who are on the hunt for industrial space register with uTenant. If you are looking to appoint a 3PL provider, we are in the best position to be of assistance as we understand the market and the options available to you.
Find your industrial property perfect match - short or long term
From one month to 12 months or more, right across Australia, uTenant will search for the right space to suit your specific business needs. We can assist you with:
- Long term lease – putting you in direct contact with a landlord
- Short to medium term lease with an existing tenant in order to operate part of the warehouse independently
- A short to medium term logistics contract with a 3PL provider in order to store, pick and pack your products within that 3PL warehouse
If you’re in the transport or logistics industry and find yourself either with surplus space, or requiring short-term overflow space, register with uTenant today.
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