Birmingham businesses could be missing out on substantial cost savings by using valuable office space to store documents, according to document management specialist Crown Records Management as commercial property rents in the city remain high.
Average rates in Birmingham have increased by almost five per cent since 2003, to £27.50 per sq ft for prime office space and £6 per sq ft for prime industrial units.
By contrast, outsourcing document storage can start at around 20p per month for a carton roughly equivalent to two cubic feet, offering more security at a fraction of the cost.
Frank Hopping, managing director of Crown Records Management (UK & Ireland) Ltd, said: "Office space is an increasingly valuable commodity and often represents a major financial pressure on local businesses.
"Yet as companies produce more and more documents they often use space for storage, missing out on the savings available.
"And that’s before you take into account the time needed to file and retrieve records.
"With regulations requiring many legal and financial documents to be retained for six years or more, storing records off site not only releases space and time for more profitable uses, it also provides better security and reassurance.
"As recent high-profile scandals involving personal and corporate information have demonstrated, stringent management procedures are essential for all data produced."
Crown Records Management’s Birmingham facility is located on Landor Street and offers a range of data management, storage and consultancy services.