Is an office relocation or office refurbishment better?
What is the difference between office refurbishment and an office fit out?
The difference between an office fit out and an office refurbishment is a fit out is carried out on a new office space and an office refurbishment involves refurbishing your existing office.
Evolving staff expectations, work routines and business processes have resulted in new ways of working, placing growing pressure to create new workspaces that are flexible and meet space demands.
The stay vs go debate is not simple. There are multiple considerations and high stakes, with staffing and real estate two of the biggest overheads for most companies. Maximising the performance of both is essential to ensure the ongoing success of your company.
At ODGroup, we offer a full workplace consultancy to help you understand whether an office relocation or office refurbishment is best for the current needs of your business. We combine our knowledge, your experiences and real-life data to give you the best platform to make informed choices for the next step of your workplace journey.
What does an office relocation involve?
A relocation involves fitting out a new office from scratch, resulting in a relocation of people and equipment from one office space to another. A relocation provides you with a blank slate and an excellent opportunity to rethink the way your company and people work.
Office relocations can also vary in scope depending on the state of the office you are relocating to. Most spaces will be in a Cat B state, meaning they have basic floors, utilities and ceilings in place. You then have the freedom to adapt the space, adding furniture and installing partitions where necessary to create your new office.
What does office refurbishment involve?
An office refurbishment involves adapting your current space to align it with the current and future needs of your workspace. An office refurbishment typically includes renovations to interior design, ceilings, floors, furniture, walls, plumbing and windows.
What should you consider when deciding to relocate or refurbish your office space?
The decision to relocate or refurbish your office space can be influenced by a number of things, from internal pressures or external forces. You should consider things like space, cost, culture and new business opportunities before making a decision. Addressing the following questions can point you in the direction of either an office relocation or refurbishment;
- Have you got enough space to accommodate your existing team? Do you have expansion plans in the near future?
- Could you save money by relocating and consolidating space?
- Do you need a brand or culture reset?
- Could relocating help unlock new business opportunities?
Putting it into perspective
There are 3 common relocation and refurbishment scenarios that address the stay vs go debate.
Expansion limited by space
Scenario: Your company has grown, resulting in an adaptation of your current office space. The adaptation has resulted in suboptimal use of space and you are unsure if the current space will accommodate further growth.
Industry standard for office space per employee is 110 sq ft. To calculate your sq ft per employee, you should work out the square footage of your existing space and divide this number by your head count. This will give you an indication of sq ft per employee, if it meets industry standard and whether you have maximised available office space.
If you find that there is not enough space to accommodate growth, you can attempt to secure additional space within the building you are currently in. However, if that is not possible, you may need to relocate.
Our Office Space Calculator can help you work out how much space you need to accommodate your existing and future team. Use our quick ready reckoner here.
Renewed brand image
Scenario: Your company has had a brand refresh or undergone a merger, which has resulted in an existing office space that no longer represents the culture and values of the business.
Ensuring your office space accurately reflects your brand values is essential to both company growth and reputation. Your office space is a concrete and tangible way to convey your corporate culture, ultimately influencing candidates’ impressions of your company and how invested you are in employee wellbeing or how tech-savvy you are.
Having a prominent brand presence throughout your office space can also boost client confidence in your products and services.
Reducing overheads
Scenario: Your company has adopted a hybrid work model, resulting in a reduced occupancy rate. You have decided to consolidate your office space to reduce your overheads.
If you are not getting the most out of your office space as a result of poor space planning and underutilisation, then an office refurbishment may allow you to unlock new potential in your existing office.
Recent studies conducted by Knight Frank reveal the rise of the ‘office experience’, highlighting the move away from low-quality and poorly-utilised offices for amenity-rich, flexible co-working spaces. This emphasises a reprioritisation of how companies spend on their office space and their commitment to employee wellbeing and productivity.
Challenge your environment: Is your office space right for you?
Ultimately, there is no right or wrong answer to the stay vs go debate. It is important to challenge exactly why you feel the need to change your space in order to understand whether a relocation or refurbishment is right for you.
Still not sure which is right for you? Speak to one of our workspace experts by getting in touch here.
