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Office fit out
vs relocation
Making changes to your working environment is always going to cause some disruption, as well as costing money. But if your current office space is not being used effectively, is not safe or conducive to staff wellbeing or reflective of your company brand and values, then change is a necessity.
Of course, then comes the decision about whether relocating to a new premises or refitting your current space is the best option. The following comparison points should help you decide:
Cost
Relocating to a new office
High initial costs, including migration and cost of dilapidations
Refit of current office
Potentially lower costs, no migration fees, option to lease the fit out
Advice Centre Topics
Just some of the costs that come with relocating to a new office include:
- Stamp duty land tax – cost varies with different types and values of property
- Adding licence for alterations to new lease – estimated to cost between £750 and £3,000
- Dilapidations – repairing and reinstating the current office to its original condition is estimated at between £5 and £20 per square foot
- Survey of the new premises – estimated to cost between £750 and £5,000 depending on the size and condition
- Fit out of the new premises – from around £20 per square foot for a basic fit out
- VAT – payable on rent, service charge and, where applicable, deposit for VAT-registered buildings at a rate of 20%
- Solicitors’ costs – estimated at between £2,000 and £8,000
By contrast, the typical costs of fitting out your existing space involve far fewer initial outlays (see our page on typical costs of an office fit out) – plus there’s the option to lease the fit out and restrict the dent in cash flow.
Space
Relocating to a new office
Opportunity to upsize or downsize as needed
Refit of current office
Opportunities to refresh and optimise existing space through clever design and
fit out
fit out
Often businesses outgrow their workspaces – or think they have – but it’s generally down to poor organisation of files, equipment and machinery rather than staff numbers (unless you have expanded by dozens in a short space of time!). This is where a fit out becomes the ideal opportunity to maximise the space you have and use it more efficiently through smart solutions, storage and clearing out unnecessary clutter.
Disruption
Relocating to a new office
Upheaval of organising the move –
viewing offices, deciding on location, budgeting etc – which can distract from day-to-day business
viewing offices, deciding on location, budgeting etc – which can distract from day-to-day business
Refit of current office
Can be disruptive but usually less downtime than a full move – if necessary staff can be moved to temporary onsite cabins
It comes as no surprise that relocation is very disruptive to business – both in planning and during the move itself – and there will certainly be downtime while the process is carried out. Can you afford to lose this time? Of course, a fit out by its very nature will cause some disruption too – but this is likely to be minimal, particularly when there is the option to accommodate staff in temporary cabins while works are underway.
Staff considerations
Relocating to a new office
Risk of losing staff if new location is unfeasible for them to commute to
Refit of current office
Reconfiguring existing office can free up space enabling accommodation of new staff or ability to sublet
A big part of the stress of relocation comes with trying to find premises that are suitable, affordable and accessible for staff. You’ll never be able to please everybody, and in some cases that may mean losing valuable members of the team. Undergoing a fit out is also a big change for any company, but with effective planning and change management the end result should enhance overall staff satisfaction, which unfortunately may not be the case with a move.
Freshness
Relocating to a new office
Starting afresh can increase productivity, impress clients and attract new staff; also a great opportunity to recalibrate or reset company culture, particularly following a merger or acquisitio
Refit of current office
A good redesign and fit out will make the existing space feel just as fresh, renew staff motivation and impress clients
There’s a lot to be said for refreshing the working environment – it gives a new lease of life not just to the space but to staff, which means a more attractive company to prospective clients and recruits.
If you’d like to chat to Dale about what we could do for your office space, contact the team here or call 0114 233 1115.
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