Deciding to relocate or refurbish your office fit out can be a tough decision to make. Perhaps your lease is up and you don’t know whether to extend or move. Maybe your business is growing and you’ve run out of space. Here’s what you need to know before you choose to stay or go.
What is a refurbishment?
An office refurbishment is not exactly the same as an office fit out. A refurbishment is all about revamping your current space and improving what you currently have, while a fit out is about setting up a new office space.
What is a relocation?
A relocation is where you move to a new office space and fit it out to suit your unique business needs. People relocate their office for a variety of reasons, such as starting a new lease, or to accommodate business growth.
Things to consider when choosing to refurbish
Refurbishing an existing office space is often a tougher process, even though there may be less to organise. Disruption to your business, while trying to continue servicing your customers and maintain revenue, is often why people choose to move to a new space.
But before you abandon the idea of an office refurbishment, it’s worth thinking about:
- Your lease: If you still have a long time to go on your lease, it may end up costing you a lot to break the lease early.
- Budget: Contrary to what many people think, an office refurbishment can cost as much as an office relocation. Your staff may need to go on leave while you refurbish, or you might need to organise a temporary site for them to work at — all of which has the potential to disrupt your income and cash flow. It’s important to do your sums before you commit.
- Space needs: How much space do you currently use? Have you grown and need more space? Or could you re-organise your current space and make it more efficient?
- Staff attraction: Would everyone in your team want to move to a new location? Sometimes it comes down to their access to transport and amenities. If they can’t follow you it’s worth factoring in recruitment and onboarding costs.
- Business culture: Is your business culture tied up with your current location? Perhaps a refurbishment would boost your business culture? There’s nothing like a well-designed workspace to help boost morale and productivity. Or would a new location help to reinvigorate your culture and business objectives?
- Building classification: Not all office buildings are created equal. If you’re currently in a Class A building you probably don’t want to move to a Class C building. However, a move to a Class A building can be appealing and boost your brand.
- The unknowns: Building issues and tenants are common unknowns when it comes to choosing whether to refurbish or relocate.
An office renovation can be costly and disruptive, however a simple office re-fit can be relatively painless and quick when carried out by an experienced team of experts. At Vestra we’re experts at workspace planning without the pain.
Things to consider when choosing to relocate?
There are many reasons why moving to greener pastures could be the best choice for your business. Some of the benefits of an office relocation include:
- Maximising space: Maybe you’ve outgrown your current space? Perhaps you’re looking to stop outsourcing services and expand your team, so you need more space to accommodate your staff. On the other hand, if your business is in the process of downsizing, it could make sense to move into a smaller space.
- Location: If your team are spending too much time traveling to and from work, a new location might make it easier for your staff to create a healthy work-life-balance. A new location might also make it easier for you to grow your business and reach new customers.
- Your brand image: Are you currently in a tired part of town? Maybe the building you currently occupy is shabby and rundown? Moving to a new building that better matches your brand and shows off your business style can help boost your brand and attract new customers.
- Workplace quality: An uninspired, neglected and dull building doesn’t help to inspire your staff – or your customers. A fresh modern office can help to enhance your business image and boost staff morale and productivity.
Which way should you go? Stay or go?
Every business is different. At the end of the day, you need to look at your own unique circumstances before you decide. At Vestra, we have a wealth of experience in seamlessly designing bespoke commercial interiors and are experts in office design strategy, fit outs and refurbishments. Whether you’re staying put or moving across Sydney, we’d love to work with you. We enjoy relocations (they’re like working with a blank canvas), but can just as easily renovate a well-worn space in desperate need of a new office interior concept.
