Is it time to consider a new office design? If you have realised that your office is out of date and in need of a new design, you may want to consider how much it will cost to develop your new office design.
How high you set your budget depends on what you can realistically afford but it is also worth thinking about the following:
· Is there any room for negotiation in your lease terms?
· Are there any financing options you could benefit from, such as loans, leasing or hire purchase?
· What about tax breaks from the Inland Revenue? Capital allowances do exist and, with the right advice from a tax expert, up to 70% of the relocation/refurbishment could be eligible for some form of tax relief.
How much should an office design cost?
Office fit outs vary depending on many factors, which makes it difficult to give a simple answer. A detailed brief is essential. You may require purely cosmetic work which covers a broad spectrum in itself or a detailed analysis of work space, utilisation and the development of strategy for the future.
If you need structural changes, you will need additional skills, such as a surveyor and structural engineer, which are included in the price with design and build. That said, based on our extensive experience, we advise clients to set aside a similar amount to one year’s rent.
It is most important that your office design budget is comprehensive and incorporates:
· Fit out/refurbishment costs
· IT infrastructure
· Hardware, software, support
· Relocation to a new telephone system, installation and training
Relocating and refurbishing represent a major investment for your business so you need to make sure you don’t get caught out by hidden or unforeseen costs. We also recommend a contingency budget of between 5% and 10% of the project total, just to cover all areas.
Following these steps, you’re guaranteed to be on your way to a realistic budget for your whole project. Essentially, you would have managed risks throughout the process and reduced your costs wherever possible.