How to Budget for Your Office Fit Out in 2024

Every business owner contemplating an office fit out will have one question on their mind: “how much will it cost?” The truth is, there’s no one-size-fits-all answer to this question.

The overall price of a fit out depends on a range of factors, from the size and location of your space to your desired specifications. This article is here to help you navigate the tricky task of estimating these costs by pooling together the factors that will influence them with budgeting considerations to keep in mind.

What Affects the Cost of an Office Fit Out in 2024?

The cost of your workplace fit out can vary significantly based on several key factors:

Size Matters

The most significant cost factor is size. Larger projects require a greater amount of materials and labour to complete. Often, factors such as subflooring and insulation add to the material needs, which can be more extensive than initially anticipated. Size plays a pivotal role in determining the overall cost of your fit out.

Existing Infrastructure

One of the primary influences on fit out costs is the state of your existing infrastructure. If your space comes with basic landlord setups, standard ceilings, independent air conditioning units and economical materials, your fit out is likely to be more cost-effective.

Design Complexity

Strategic design can play a pivotal role in optimising your fit out budget. Making intelligent decisions, avoiding potential conflicts with high-level infrastructure and getting creative with your design brief can help keep costs down while still achieving your desired results. 

Categories of Office Fit Out

Office fit outs can generally be categorised into three tiers:

Entry Level Fit Out

In recent times, the line between entry and mid-level fit outs has blurred. Stripped-down, industrial-inspired designs have gained prominence, particularly in London office spaces. Even furniture providers traditionally known for their simplicity have elevated their game, offering more aesthetically pleasing products.

Mid-Level Fit Out

Mid-level fit outs strike a balance between functionality and aesthetics. They offer a step up from entry-level designs, incorporating more design elements and materials to enhance the workspace.

High Spec Fit Out

High-spec fit outs stand out through their choice of premium materials, such as fine timbers, veneers and designer fixtures, with top-tier carpets or real wood flooring. These finishes are designed to make a statement and create a lasting impression.

How Does Square Footage Affect Cost?

Traditionally, design and build costs were calculated per sq. ft. or sq. m. However, as the practice has developed, the rules have evolved and many fit outs today involve in-situ modifications or cosmetic updates. While it’s challenging to provide a precise square footage cost, a budget ranging from £40 to £80 per square foot is a good starting point. With a budget of around £30,000, you can begin to make a significant impact on your workspace.

Refurbishment vs. Fit Out

It’s essential to distinguish between office refurbishment and a full fit out when considering costs. Refurbishment typically involves refreshing and updating an existing space without significant structural changes. In contrast, a fit out involves creating an entirely new workspace, often requiring more extensive work and investment.

How to Make Savings on Fit Out Costs?

Now that we’ve explored the factors influencing fit out costs and the categories they fall into, let’s discuss how to maximise savings on your project. Here are some valuable tips:

1. Prioritise Your Needs

Work through your project brief diligently, distinguishing between essential elements and nice-to-haves. The less you do, the less you spend. Understanding your project’s desired outcome is essential for a successful fit out.

2. Function First, Aesthetics Second

Ensure your workspace’s design prioritises functionality. A well-designed space that meets your operational needs is a fundamental requirement. Once functionality is secured, focus on making it visually appealing, which can often be more cost-effective than you might think.

3. Collaboration and Innovation

Collaboration is key to any successful fit out project. Work closely with your fit out team to explore innovative solutions that align with your budget. Trust and open communication can lead to an office design that not only meets but exceeds your expectations.

4. Space Planning for Growth

Consider your company’s growth plans when calculating your space requirements. A rule of thumb is to allocate around 150 sq. ft. per person, which includes common areas. Planning ahead is key to a successful office fit out, preventing unexpected space shortages in the future.

Office Fit Out Cost Breakdown

Every project is unique but to give you a ballpark estimate, we’ve based these cost ranges on a 5,000 sq. ft. office space with a rent profile of £60 per sq. ft. Our estimates start at the Entry Level tier, which covers the essentials for an office refurbishment. Remarkably, around 70% of projects fall within this bracket, offering a solid starting point for bringing your workspace aspirations to life.

In conclusion, while there’s no fixed answer to the cost of an office fit out in 2024, understanding the influencing factors and budgeting considerations is essential. Whether you’re aiming for an entry-level, mid-level, or high-spec fit out, careful planning and a people-first approach can help you create a workspace that reflects your company’s spirit and meets your financial goals. By prioritising functionality and working closely with your fit out team, you can achieve an office that’s both inspiring and cost-effective. After all, creating a workspace with soul is all about making the most of what you have.

Curious about how we can help you save money on your fit out? Don’t hesitate to take advantage of our complimentary workspace consultation. Get in touch with our team now by clicking here or give us a call on 020 8588 9876.