Many Welsh companies do not reap the potential benefits of their property says The Royal Institution of Chartered Surveyors (RICS).

The organisation is providing new guidance for businesses of all shapes and sizes to better manage their property requirements.

New RICS work shows that each of Wales' nearly quarter of a million office workers occupies 14 square metres of office space at an average annual cost to business of over £2,500 per person and how the right property arrangements can boost a company's profits and prospects.

Space per employee has remained fairly static, as have rents in the Welsh commercial property market, largely reflecting the situation across the UK. These elements are keeping a temporary lid on property costs which has led some companies to be less efficient at utilising space.

Property is the biggest business outgoing after staff, the equivalent of 11% of average office salaries in Wales.

Business rates, however, have increased significantly for the 100,000,000 square metres of office space in Great Britain - equivalent to 25,000 football pitches .

The RICS guidance helps businesses with issues like service charges, rent reviews, tax, disputes with landlords, home working, sub-letting and renting or buying business premises.

RICS research found UK businesses could boost profits by up to 13% annually with the right property strategy.

Cathy McLean, director of RICS Wales said: "Property is a crucial business asset that needs attention and close management like any other. Yet it is often ignored in the boardroom and by small businesses, which are always pushed for time. Good property advice can allow a business to expand at the right pace, increase profit and make the difference between an enterprise that flourishes and one that struggles."

Digby Jones, director-general of the CBI, said: "British businesses are throwing away billions each year in the form of wasted space and under-utilised property. Businesses of all sizes need to understand just how beneficial the right property strategy can be." The new RICS business property guidance and a free CD-Rom Getting Serious About Your Business Premises is available from www.propertyinbusiness.co.uk