January 3, 2018 by Mitch Taube Categories: Document Scanning

With real estate costs in New York City continuing to rise year over year, prices today are second only to San Francisco in terms of cost per square foot. These prices have a significant impact on the bottom lines of NYC businesses like yours, and what you may not realize is that there are things that can be done to mitigate them.

Often, a sizeable portion of real estate costs can be attributed to wasted space caused by storing paper in file cabinets and boxes. Going paperless can be just the strategy your business needs to reduce or eliminate those storage costs and save money while you save space.

Cost of Storing Paper Documents

Are you aware of how much your company’s filing cabinets are really costing you? Take a look at these averages to help figure out your costs:

  • A standard 4-drawer filing cabinet takes up 17 square feet of space, holding 200,000 pieces of paper and allowing for open draws and access to the files
  • The average cost for commercial real estate in Manhattan is $66.00 per square foot (source: NYC Office Market Report, 3rd Quarter 2017)
  • Based on these numbers, a single file cabinet costs $1,122.00 monthly and $13,464.00 annually!!

Tired of throwing away money just to store old documents? Check out the infographic below:

How much are your filing cabinets costing you? infographic

Sources:

  • “Winning the Paper Wars” (AIIM)
  • “The Paper Free Office: Dream or Reality?” (AIIM)
  • CoStar

It’s time to get on your way to a paperless office with document scanning. Read how TitleVest Agency, a national title insurance agency in New York City, saved $200,000 annually in reclaimed office space by scanning their closing files.

Read TitleVest's story