Investing in Office Renovation with Property Value Maximisation in Mind

Trends in interior design come and go every year and when it comes to office renovation projects, you need to see the bigger picture. There are many factors you should have in mind: your employees’ productivity and comfort, furniture, colours and finally the costs.

Tastes and preferences do differ greatly, but it’s mostly the available budget that dictates the scope and direction of an office remodelling project. It’s quite likely that you won’t be able to afford a full gut job and an entirely new, custom-designed, move-in ready office, but rather opt for a renovation project that will maximize the value of your property.

If this is the case, here are some tips on how to do it.

Re-evaluate your motives

Make sure you’re doing the renovation for all the right reasons. Ask yourself the following questions: what the goal of your renovation is and why do it now, how the workplace will change and what the best way to use it will be, if there are any obstacles to your success and most importantly, how your investment can be minimized and property value maximized.  

When considering the office interior, think about if the existing space accommodates the needs of your employees and if a simple update will improve its functionality. Great design office interiors can make a huge difference and go a long way to improve the overall atmosphere, morale and productivity. They provide a pleasant working environment for your employees but they’re also an extension of your brand and as such, they can attract the right kind of clientele. 

Once you’ve got these critical success factors figured out, you can decide what direction your office renovation project can take.

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Do your research

Before you go ahead with demolition and renovation, take a look at your neighbourhood and notice what value-perceived features are present now that didn’t exist when your property was built. These are the changes you need to consider if you want to stay competitive.

Moreover, research what the local and regional economic incentives there are as it often happens that second-generation buildings are offered local financing incentives and deferred property taxes. 

Take advantage of the building’s strengths

Approach your renovation project by considering what features of your building were the most attractive when it was newly built and try to take advantage of those strong points to give your property the best possible position in the current market. Evaluate the structure of your property to see if there’s a possibility of knocking down some walls to open up the space, increasing ceiling height and creating large window openings to allow everyone to enjoy the views.

In addition, you need to carefully determine what can be saved and is worth updating. Each move will cost money but it can potentially bring more value in the future. The same goes for refreshing the interior finishes. Even if you choose to keep some of the original architectural details, it’s essential you update elevator cabs, lobbies and toilets. New carpets, paint colour, flooring and even ceiling tiles will breathe in new life and freshen up the property.

businessEnhance the building’s curb appeal

First impression matter and are an essential part of your business image so make sure you invest in enhancing your building’s curb appeal. Consider what type of landscaping, parking and aesthetic appeal would make your building memorable but also, don’t forget the little things like freshening up your signage, planting seasonal flowers and keeping the surrounding area clean and tidy.

Go green

Finally, make an effort to integrate sustainability into the renovation project where feasible as it makes good business sense. Designing your office space according to Energy Star standards will bring you a big return on investment and it will certainly put you high on the list environmentally responsible business.

With the current market situation for office space, more and more property owners are cautious about investing big in office renovation but with materials and labour at favourable prices, now is the best time to implement these design ideas and pull off a successful office renovation project!