Demand for office space down by a third as energy prices continue to rocket
The number of businesses looking for office space has plummeted since the latest energy price cap increase announcement.
In the month since Ofgem announced that the price cap is due to rise by 54% for households, new research has revealed that the number of businesses searching online for office space has dropped by nearly a third (31%).
Analysis of Google search data by Novuna Business Cash Flow, found that monthly searches for ‘office space’ have dropped by 230,000 from 734,000 to 504,000 in the month from February to March.
Small businesses are not covered by the price cap, which means their energy bills could increase even more.
With the ever rising cost of living impacting businesses all over the UK, Andy Dodd, managing director of Novuna Business Cash Flow has listed five top tips to help reduce your business’ energy bill:
- Be aware of how much energy you use
“Without knowing how much energy you use, it’s impossible to know where to start when reducing your energy bill. What gets measured, gets managed, so make sure you take regular meter readings to stay on top of your usage and have something to compare your price cutting efforts against.”
- Dial down the thermostat
“Fighting over the thermostat is commonplace in the office, and no one wants cold and disgruntled employees, but if you can turn down the heating by even one degree, it can help make a big difference to your energy bill over the course of a year.”
- Turn things off in the office
“When people are rushing to leave the office at the end of the day, making sure everything is turned off might be at the bottom of their priority list. Encourage your team to turn off their monitors and computers at the end of each night and don’t forget to turn the lights off to help keep your bill down.”
- Use energy efficient lighting
“In many offices, the lights are on all day when they don’t need to be, leading to a higher electricity bill in the process. Certain bulbs are much more energy efficient than others and motion sensors are also a great way to ensure that lights are not left on unnecessarily.”
- Encourage flexible working
“There has been a big shift towards remote and flexible working since the pandemic, and this can play into your hands when it comes to energy bills. For many businesses, a presence in the office is important, but if you can let your team work at home even for just one or two days a week, that will mean less energy being used at the office.”