Relocate or Renovate your Commercial Space: 8 Ways to Decide
Is your company considering commercial renovation or relocation? Changing up your office or retail space may be a great opportunity to improve efficiency or facilitate growth.
There are many factors to consider before committing to major changes in your office space. It’s important to be aware of any potential costs and the effects on your employees and customers. Here are ten questions to ask before making any decisions about commercial renovation or relocating your business.
Employee and Customer Satisfaction
1. How Will a New Space Affect Your Employees’ Ability to Do Their Best Work?
Any type of space change can affect employees, whether your commercial space is an office or a retail space. Renovating to expand amenities like wellness rooms, collaborative spaces, or break rooms may foster community and health among your employees. And who doesn’t love having a shiny new space? Commercial renovation can also be an opportunity to become a leader by achieving WELL certification.
Remodeling can have some negative effects on employees as well as positive. Disruption and downtime are usually unavoidable during commercial renovation, and additional noise and distraction can be difficult on employees. Changing location can also have some challenges such as making commutes more difficult for some employees, changing schedules, and getting used to a new space.
2. Is the Company in the Best Geographic Locale for your Customers and Employees?
If you operate a retail business, location is everything. If you are already in the perfect location, remodeling your commercial space is usually the best option. But if there is a better location you’ve been eyeing, or you want to move to somewhere with higher traffic, relocation may be your best bet.
And don’t forget your employees. Relocating may increase commute times or change transportation options for your employees. If your employees prefer to take public transportation, they may want to stay near a transportation hub. Ask employees how they feel about the current location, as well as any others you may be considering.
Time And Expenses:
3. What Will it Cost to Renovate your Commercial Space?
Cost is always an important factor. If your current space is about the right size already, then it’s probably a good idea to see how much remodeling it would cost. It is likely that a new location would require some remodel work to prepare it for your needs as well, so this is a great opportunity to get bids and find out how expensive each option is.
4. Are Tenant Improvement (TI) Dollars Available?
Tenant services in your current building may include an allowance to offset some of the cost of commercial construction. Talk o your landlord before making the final decision to move. Often they will work with you to help cover remodeling costs rather than losing a reliable tenant.
5. Do you Have Plenty of Time to Make the Decision?
If you’re considering a commercial remodel, it helps to have at least six months to evaluate the building’s strengths and weaknesses and negotiate with the landlord. If you don’t have much time, relocating may be faster, but you should still consider all your options.
6. How Long Will a Remodel Take vs. a Relocation?
Downtime is costly, and both remodeling and relocation will take time. Estimate how each choice will affect your ability to operate and include this when considering costs.
7. What are your Future Plans?
Consider your growth plans and trajectory. If you are going to commit resources to a remodel, then you need to be sure that the space will be exactly what you need for the foreseeable future. If the space will soon be too small, relocating is probably a better choice.
8. How is Sustainability Incorporated into your Commercial Renovation or Relocation?
A commercial remodel may be a great opportunity to institute new green initiatives and lower expenses while doing so. By remodeling with efficiency in mind, you can go green and save money each month on power and water bills.
Questions like these empower you to make informed choices when it comes to an office space change. If your current space is tied to your brand or the new space you are considering requires construction anyway, commercial renovation can help your company achieve its desired work environment and vision.
At CPM, we are skilled commercial contractors with years of experience in commercial construction and tenant improvement. Contact us today to start building a better future for your company.