As 2023 comes to an end and we step into 2024, the question on every business owner’s mind contemplating an office fit out is, “How much will it cost?” The truth is, there’s no one-size-fits-all answer to this question.
The price of an office 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 terrain of office fit out costs, offering insights into the factors that influence them and budgeting considerations to keep in mind.
The cost of your office fit out can vary significantly based on several key factors:
The most significant cost factor in your office fit out is size. Larger projects require a greater amount of materials and labor 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.
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.
Strategic design can play a pivotal role in optimising your fit out budget. It involves 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.
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 in 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, designer fixtures and top-tier carpets or real wood flooring. These fit outs are designed to make a statement and create a lasting impression.
Traditionally, office fit out costs were calculated per sq. ft. or sq. m. However, 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.
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:
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.
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.
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.
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.
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.
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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.