If you are considering expansion, feel your workspace is bursting at the seams, your lease is up for renewal or you just need to bring some life back into your work environment, it is the perfect time to assess whether to refurbish or relocate.
Knowing what decision to make can be difficult when you have to take into account costs, time, disruption and any HR and legal issues. It requires careful consideration, research and planning to ensure you make the right choice for your company and staff.
Often the decision to refurbish or relocate can be due to the lack of space available to house a business which has grown significantly or appears to be unable to accommodate future expansion plans. Simply reconfiguring your office with space planning tools, adding a mezzanine floor or installing a more sophisticated racking and shelving system in your industrial unit could create the additional space required.
Engage with a commercial fit-out and refurbishment company who will be able to discuss and show you your options with CAD and 3D drawings. Despite the potential disruption to staff, the end result is a work environment which can really motivate and energise your workforce.
One of the biggest assumptions is that relocation would be the more expensive choice. However a relocation may be better suited to accommodate future needs and could also be the most cost effective option in the long run.
If you are coming to the end of a lease, consult with a property consultant/agent who can advise on whether your current lease is worth hanging on to or if a better deal could be found elsewhere. Depending on the current conditions of the UK commercial property market you could potentially secure an amazing deal.
If clients visit you at your existing premises, you need to consider the potential loss of business to your company. Another cost which needs considering is that a relocation usually requires some level of modification, fit-out and refurbishment work to the new premises to meet your needs such as additional private offices, break out areas and storage facilities. These costs however will sometimes be borne by the landlord in order to secure your tenancy or you may be able to recover all or part of these costs with an extended rent free period.
Don’t forget the possibility on costs of dilapidations on the building you intend to vacate that you may have to cover, these are often less costly if you engage a specialist fit-out company to carry out the works against the schedule rather than just pay out to the landlord.
Our main advice is do not dismiss any options without thoroughly investigating all your choices by seeking professional advice from both commercial estate agents and fit-out and refurbishment companies, which could in the long run be more beneficial.
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