Office Relocation or Office Refurbishment: Solving the Dilemma
Your business has grown and consequently so has your headcount. Your employees are complaining about a lack of parking space and the poor state of your tired old office. The end of your lease Is nearing which presents you with a dilemma: Should I stay or should I go?
Regardless of your headcount, making the choice between an office refurbishment or relocating your office is always likely to cause headaches among key decision makers. Each solution has number of benefits, caveats and considerations to explore before any decision can be made, such as cost, location, anticipated growth and not to mention accessibility to potential clients and your staff. If you haven’t already, download our RELOCATION GUIDE containing comprehensive, easy to digest advice and tips for your office relocation project. Without further ado, let’s explore some of the key points to consider before deciding whether to refurbish or relocate your office.
Is your current location hindering recruitment and retention?
Despite the recent trend of remote and coffee shop working, the location of your office space is still very important for your business. Recruitment, access to your key clients and convenience for employees are all important aspects to consider when deciding if your current location is right for your business.
If you’re struggling to find the candidates your company desperately needs, it may be worth considering relocating to a more populous location with local amenities which appeal to the best employees. Around half of graduates who study in Manchester choose to stay in the city, resulting in a large pool of graduate talent for your business. Location isn’t the only factor a job seeker will consider, but rather many candidates will look at your office design, culture and remuneration package when determining if your business is the right for them.
Does your space lack the ‘wow’ factor?
Both where you choose to locate your business and your office design can influence how prospective clients, customers and employees perceive your brand, with the potential to positively or negatively affect your recruitment and sales efforts. Premium city centre office space will typically consist of impressive high-rise buildings located within the very upmarket areas of a city, such as Spinningfields in Manchester or the ‘Square Mile’ in London. Relocating to areas close to these locations can provide a brand with an image of success and prosperity, which may leave your target clients suitably impressed when they visit your office.
On the other hand, companies may not need this image of prosperity, as many logistics companies derive benefits from locating their operations outside of the city. Access to larger premises comes at a lower cost and major transport infrastructure is likely to be much more accessible without the need to battle through city centre traffic. If your current location is perfect in terms of your brand image, then an office refurbishment is what your space needs to enhance your recruitment efforts.
Have you outgrown your current space?
If your company is experiencing rapid growth and your office space is bursting at the seams, an office relocation is not your only option. The best office design companies can reconfigure your existing space and propose an office refurbishment project which maximises your office’s potential. In many instances a company may have simply outgrown its premises and will have no option but to relocate.
Recruitment and access to clients may not be a concern to some organisations regardless of where their office is located. If this is the case and you’re currently located in a popular city centre such as Manchester, then it may be worth identifying if you could save money through an office relocation project. Renting office space in large cities such as Manchester can come at quite a premium when compared to office units on the outskirts of the city, meaning cost savings can be made if you’re willing to sacrifice your city centre location. Employee parking is often limited in city centre locations therefore moving to the outskirts of town may allow your business the luxury of greater parking and office space, resulting in fewer arguments over parking!
There isn't a simple answer as to whether an organisation should relocate or refurbish their office as there are numerous aspects to consider depending on the industry an organisations operates within. Access to a larger pool of talented employees and an image of prestige are the main reasons to relocate to the city, especially for those firms in tech, recruitment and banking. If space is your only issue and your organisation will not seek any benefits from relocating to the city or the suburbs, first look at refurbishing your current space to maximise it’s potential before looking at relocating to larger premises.
Author- Marcus Livesey, Marketing Executive at Officeinsight