Office Renovation vs Relocation - Which Is Best for Your Business?

Business owners across the UK are asking themselves some serious questions. With a listless economy and more people than ever working from home, it’s time to take a serious look at reducing costs and making offices more appealing.

If your office is more Dunder Mifflin than The Devil Wears Prada, you’re probably mulling the office renovation vs relocation question. What can help you choose the right option for your business?

Why Relocate?

The latest figures from the ONS show that 28% of UK workers work from home at least some of the time. That rate rises to 40% in London, where the most expensive office real estate is to be found. With the UK also facing record costs for gas and electricity, it’s no wonder that relocating your office to somewhere smaller and cheaper is so appealing.

Pros of Relocating

Aside from reducing costs, some of the other key advantages of relocating include:

• Blank slate: It’s a chance to take all the lessons learned from your previous office and start again. You can include extra amenities your employees would appreciate, such as soundproof office pods, kitchen facilities, and parking.

• Minimal impact on productivity: An office relocation project should be less disruptive than a renovation project. Get movers to come in at the weekend and set up the office, and you could be back in business on Monday morning or soon thereafter.

• Morale boost: Getting your employees on board can give them a boost. They’ll be enthused about the new location, with its exciting new facilities. It could be just what you need to breathe life back into the team after a tough few years.

• Strategic relocation: Moving to a new area could help you acquire new customers and recruit top talent to your firm. It’s also a chance to relaunch your brand and hold events to celebrate your move.

Cons of Relocating

That said, office relocation isn’t always smiles and rainbows. Some of the disadvantages include:

• Disgruntled employees: The move is bound to make life more difficult for some of your employees. If it means a longer, more expensive commute or messes up their childcare arrangements, you may run the risk of them looking elsewhere for employment.

• Communication headaches: Getting your new address out to clients and suppliers can be time-consuming and expensive.

• Cost and logistics: Hiring specialist moving companies will cost thousands. You’ll need to offset those costs and the disruption against the advantages of making the move.

Why Renovate?

Renovation gives you a chance to breathe new life into your existing premises. It’s also a chance to upgrade the amenities and offer things that office workers really appreciate. If you’re struggling to get people back into the office, it could be a great way to make it more appealing.

Pros of Renovation

Renovation gives you a great opportunity to:

• Craft the perfect office: Give your team the office of their dreams in a location they already love. They’ll feel the love if you provide the amenities they want, like chill-out spaces and areas for quiet working.

• Fix what’s broken: Does your office have an awkward flow? Is it full of pinch points, or is communication virtually impossible? A renovation project is a great chance to work with a professional to iron out those kinks.

• Adapt to post-pandemic life: If fewer people come into your office than before, see this as an opportunity rather than a drawback. Could you make the layout more comfortable? Ditching redundant desks and storage could make the office more open and appealing.

Cons of Renovation

A few considerations before jumping into an office renovation project include:

• Disruption: Getting the builders in is noisy and disruptive. You may need to look at temporarily using Portakabin offices or coworking spaces to keep your business running smoothly.

• Cost: Skilled contractors don’t come cheap, and neither do building materials. You need to weigh up whether the advantages are sufficient to recoup your investment.

• Missed opportunities: An office relocation project can be overwhelming, but is renovating actually a missed opportunity? Renovating will not solve issues like difficult landlords, lease renewals, or simply being in the wrong location.

Making the Right Decision

While these pros and cons are a great starting point, there are many other factors business owners must consider. It's a chance to look at your business plan and see where you see your business in the next few years.

The disruption of the last few years has made it hard for many businesses to gauge their progress. While customers' habits have normalised in some ways, the cost of living crisis means that the challenges are likely to continue for the foreseeable future.

Listen to stakeholders

Therefore, now's the time to consult with stakeholders and gain a clear vision for your company's future. Is it time to relocate? Would rebranding or relaunching be just as effective without the upheaval of moving? Or do you need to rebuild morale in a team of capable workers who are just a little flat after a hard few years?

Listen to team members

Consulting with your team members is a great place to start. Questionnaires, one-to-one meetings, and group discussions can give you a chance to take the team’s collective temperature. You may be surprised at what’s actually on their minds. The improvements they seek may be relatively easy to make and greatly impact your bottom line.

Office Renovation vs Relocation Success

The office renovation vs. relocation question is one of the most important business owners will ever face. Whether you leave or stay put, there are some post-pandemic essentials no business owner can afford to compromise on.

One of these is providing quiet, soundproof places for employees. Soundproof office pods give your workers a place to retreat to for quiet, concentrated work. They support mental health and can help your workers feel good about coming into the office again.

Explore our range of options and call us on 020 4586 3800 for more information.