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Budget your Office Renovation

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Office renovations have many benefits.  To name just a few of these benefits, a new space can revitalize workflow, contribute to a more comfortable environment for staff and customers, and provides the perfect opportunity to update technology and organization in your office.  So, whether your business has outgrown your current office, you need to move locations, or you just want an update to an outdated space, it is time for you to start thinking about how to budget your office renovation.

One recommendation experts often make is to dream big and then scale back.  Start with your ideal office renovation and make a wish list of everything you dream you could have in your new office.  You may not be able to afford everything on that wish list, but it will be a great place to start and will actually help you prioritize your budget.  Factors that you need to consider in your wish list are the location of your office and the cost of a lease, office furniture, technology, and design elements such as flooring, paint, and lighting.  Sometimes, you can negotiate some of the design into your lease – a landlord may be willing to paint or re-floor an office space to make it habitable to new tenants.  Or, if you own the building yourself, you will obviously need to factor these costs into your budget.

Next, you want to think about whether you want to go custom with your design or furniture.  Obviously, custom arrangements will cost more, but they allow you to organize your office space to fit your needs exactly.  In a new building with basic office equipment and design (including carpet, paint, lighting, photocopier, and coffee machine) will run around $40 per square foot for a lease.  If you’re looking at more custom finishes such as wood doors or custom reception desk, you might be looking in the range of $125-$175 per square foot.  As you can see, you need to carefully consider your goals and needs.

Working with a professional architect or designer can help you ensure your office renovation fits your needs exactly while also keeping you to a budget.  That being said, there are costs involved with working with these professionals.  If money is no object, you can hire an architect or designer, but expect that around 20% of your budget will be earmarked for these services.  On a modest renovation, this could be around $30,000 or on the higher end of the scale, more than $150,000.

Finally, remember to plan for all aspects of your office renovation.  A full office renovation will include lighting, electrical, plumbing and heating, walls, flooring, bathrooms and staff kitchen or break room, and fire protection.

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