The concept of remote working remains a hot-button topic in the wake of the coronavirus, with more people now working regularly from home than ever before.
For example, the average number of people working from home increased by 10% between 2019 and 2020, and while last year may have seen an acceleration of this trend, there’s no doubt that the nature of the modern workforce has changed irreparably since Covid-19.
This may see some businesses relocate to smaller premises, or revamp their existing space to achieve optimal office occupancy and account for any necessary social distancing measures that need to be implemented.
Either way, an office fit-out may be required to get the most from your commercial space. But what are the key factors that impact the cost of an office refurb?
#1. Why Do You Need an Office Fit-Out?
Let’s start with the basics; as it’s imperative that you first determine why you want to undertake a project of refurbishment to determine whether or not this justifies potentially high office fit-out costs.
For example; if you’re looking to make the switch to agile or hybrid working post coronavirus, you may only make relatively small and affordable interior adjustments that contribute to a more productive and efficient workspace.
In this case, the cost of completing an office fit-out may well be both accessible and justified, while the same can be said when making small but actionable changes that will positively impact the wellbeing of your employees.
Ultimately, the key is to balance the projected cost of your fit-out against any potential input in output or productivity, as this will create a financial equation that allows for more effective decision-making.
#2. The Type of Work and Systems Required
In instances where you need larger-scale or structural works carried out, you should note that the cost per square foot will be considerably higher. This will therefore require detailed cost-benefit analysis, as the total price of the project rises and your initial budget increases.
Another key cost factor is the type of ICT and AV systems that you require. For example, current trends dictate that your choice of ICT and AV systems will need to be integrated into your walls and furniture, which increases flexibility and allows for more ergonomic and stylish designs.
However, this also increases the cost of the project, so it’s important to have a clear idea of your required systems and layout before finalising your budget.
The same rule applies to your choice of finish, of course, with a slick and premium finish likely to translate into higher costs that will need to be accounted for (especially if your workspace is open to clients or the public).
#3. Your Timeline
Last, but by no means least, we come to your timeline, which can vary wildly depending on whether you’re moving into new premises or looking to adapt an existing office for agile working.
Make no mistake; the former is likely to create a more pressing deadline for completion, which may, in turn, translate into increased labour costs and require you to potentially pay out more in a much shorter period of time.
Ultimately, a tighter timeline for completion means that your contractor team has to be larger and prepared to work overtime in some instances, and this carries a price premium that will need to be accounted for.
The key is to be realistic about your timeline when creating a budget, as otherwise, you may underestimate your costs and cause unnecessary delays to the work.