At the end of your lease, you may find your company at a crossroads if your office space no longer suits your needs. You may find you need more (or less) space, want to attain better productivity and efficiency, or you require upgrades because the current configuration in your office space doesn’t exactly work anymore.
Your choice will essentially be between whether you want to stay or go.Before you make a decision, you’ll want to weigh out the pros and cons of each option. The following is a list of considerations to think about when looking at renovation vs. relocation.
Pros and Cons of Office Renovation for Your Current Space
Renovating is a good choice for business owners who have the perfect location and office size but simply want to give themselves a new look or insert employee productivity upgrades. This doesn’t mean it won’t come with some drawbacks to consider. Here’s a look at both.
Office Renovation Benefits
Many businesses find renovating their office is the right choice if they’re content with their current space. If you’re generally happy with your office or are stuck with a lease you cannot get out of, you’ll find the following advantages to renovating your current space.
- Ability to rebrand and/or make your space look brand new
- Might be the least expensive option
- No disruption to your staff’s commutes and their other logistics
- Increase efficiency and productivity in your current space
- No need to update the business address, including letterhead, website, business cards, etc.
- Avoid the challenges and temporary disruptions that may come with moving
Simply stated, for many companies, renovation is just a quicker and easier process.
Drawbacks of Office Space Remodeling
Deciding to remodel office space takes considerable thought, and you’ll have to consider scalability and workflow. You’ll want to consider these disadvantages.
- Construction during office renovation might be more disruptive to workflow for a longer period of time
- May experience lease-imposed limitations in your ability to change your workspaces
- Depending on the extent of renovations needed, this option may be time-consuming
- Construction may unearth problematic issues, such as mold, asbestos, or damages
All is not lost, however, if you partner with an experienced office renovation services company, you can easily offset many of these drawbacks if you prefer to avoid a move.
Pros and Cons of Moving to a New Location
Moving to a new location entails much different planning when contrasted with renovation, but like any important business decision, it has advantages and disadvantages. Here are the pros and cons of moving to a new location.
Office Relocation Benefits
For some businesses, moving is the obvious choice if their current space no longer accommodates or fulfills their needs. Other benefits include the following:
- Easy ability to add new amenities to office space
- Provides the potential to negotiate a lower lease cost
- You can choose a location with great external amenities for employees to enjoy
- No disruption to workflow since improvements can be completed before the move
- Easier opportunity to rebrand and relaunch with a “grand opening”
- Ability to attract new top talent in the new location
- Change the size of your office space by expanding or downsizing
Relocating offers the chance to start fresh. You can choose where to go with new potential markets to tap into to increase your customer base.
Drawbacks of Relocating
A move does involve a lot of logistical issues to think about. Before making the decision, weigh out the following disadvantages to relocation.
- Employees may not be on board with the move
- Can decrease employee morale if the new location is disruptive to their schedules, childcare accommodations, or commutes
- Must communicate new address to customers, vendors, and other stakeholders
- Need to deal with the general hassles associated with a physical move
The good news is you can offset most, if not all, of these disadvantages by working with an experienced office moving services company.
READ MORE: How To Get Out of a Commercial Lease
Need Help Determining Your Best Options?
To determine your best options, think about where your business is heading. Leases are long-term, so ensure you have enough scalability for the next several years. If so, renovation may be your best bet. If not, relocation is probably the better option. For business decision-makers, sometimes determining whether office renovation or moving locations isn’t always clear-cut, as there are definitive benefits and drawbacks to each option.
The team at Meyer Inc are experts in space transition and can help you determine what’s most feasible and cost-efficient for your company. We have decades of experience helping businesses determine the options that meet their current needs while keeping scalability in mind. Meyer assists companies and their employees get ready for their new home by moving them in, moving them out and/or renovating their office space.
Contact Meyer today to learn about our various office relocation and workplace solutions for successfully scaling your business. We proudly serve the states in the eastern U.S. below, along with national options through our partnership program.