There can be lots of hidden hurdles involved with an office relocation. Make sure you’ve done your homework before making a move – it could be better to renovate your existing space, than to relocate.
An office relocation sounds like the perfect action to take when you are outgrowing your office space right? Nothing better than a newly built building, freshly painted walls, new carpet and that brand new ping pong room…well let’s explore a couple of the positives and potential challenges of moving or office renovation ideas for your current space.
Office Renovation Tips
First, let’s start out with office renovation and explore the positives of doing just that. Doing a phased approach when you keep the renovation within your current building helps, because you will just move the employees around to a different area of the building while their section is being renovated. This means then that they can move right back into their desk when their section is completed. The other positive here is you don’t have to invest in buying new furniture and IT extras that you would feel more pressured to do within a brand new space. You couldn’t imagine bringing that 1970’s embellished desk into your brand new modern office space could you? Also, this eliminates you losing a certain amount of downtime that you would moving the business from one office space to a new one.
Office Renovation Hurdles
On the other hand, there are hurdles which have to be overcome, if you are going to do renovation in your current office with your employees in the office. It will be somewhat disruptive moving your employees around and a big factor is the noise level during renovation depending on your new office design. The other factor could be a possible breach of security or privacy since there are many people you don’t know in and out of your office during the day and off hours. To do phased renovation with employees in your building, it does increase the cost as opposed to doing it when it’s vacant to make it easier and quicker for trades to move around your building.
A Brand New Office
Let’s flip quickly to moving your office to a brand new site. New light fixtures, new furniture, brand new cafe, just sounds like a dream right? You can upgrade your culture and uplift your people by giving them new circumstances: a new space. This can actually improve your ROI, such as with one of the new Apple office spaces. When you give people the opportunity to collaborate in bigger, brighter spaces that inspire them, you give your business the opportunity to improve and soar to new heights.
The interruptions in workflow as with an office renovation are less jarring as its not continual moving around the whole time, you generally make one move or move the employees in stages. Having the company move on to a new space also gives you the opportunity to reinforce your brand. Your new offices will be the “talk of the town” if done right by your employees and their families. You can’t say too much for word of mouth and how much it can positively boost your company in a prospective buyers eyes.
A financial look at the new offices
Firstly, before taking the major step to buy a new office, take a look at your finances and make sure you won’t be going over budget. According to data, some are considering it about $14 more per square foot by moving into a brand new office. A good plan is to wait until you have put aside time and a half more of your estimated budget, because somehow with the fine print and construction costs running over, there always seems to be more cost involved than you plan on. There may be a TI(Tenant Improvement)allowance that’s offered, but read that document carefully and see what it covers. Also, make sure you do a detailed walk through with a contractor or someone who is more versed in building structure than you are, they will help you estimate and sometimes spot some inconsistencies or areas of concern that you may need the current owner to fix or need to add into your budget.
All in all, with either office renovation or a brand new office space, planning and organizing is key. You can never plan too much or get too much insight, so partner with those who have the expertise, and don’t be too proud to accept help from your friends or colleagues. Your overall goal should be to make a decision that benefits your company and employees.