How much does an office refurbishment cost? It’s a question we get daily at Estilo Interiors…
Revamping your office space can be a significant investment, and understanding the costs involved is crucial. But in this article, we’ll aim to clarify what you might expect to spend in the current economic climate.
Average Costs
Office refurbishment costs in 2024 vary widely [1], primarily influenced by the space size, product specifications, and project scope. Generally, businesses should budget between £30 and £90 per square foot for office refurbishment.
To break it down:
- Basic quality projects: £40-£60 per sq. ft. (basic updates and minor refurbishments)
- Medium quality projects: £60-£80 per sq. ft. (more extensive renovations)
- High quality projects: £80-£100 per sq. ft. (complete overhauls)
Bear in mind, that these costs DO NOT include furniture or AV/Tech requirements.
So, if we take an average office space of 5,000 sqft, you can expect to pay:
- Basic quality projects: £200,000 – £300,000
- Medium quality projects: £300,000 – £400,000
- High quality projects: £400,000 – £500,000
Factors Influencing Costs
Several factors can impact the overall cost of your office refurbishment:
- Type of Refurbishment: From minor cosmetic changes to complete structural overhauls, the extent of the refurbishment will significantly affect costs.
- Square Footage: Larger spaces will naturally cost more, especially if multiple areas require updating.
- Building Condition: Older buildings or those in disrepair might need additional work before refurbishment can begin.
- Supplier and Contractor Quality: More experienced and reputable contractors may charge higher rates but often deliver superior results.
- Product Quality: Investing in high-quality products can ensure longevity and better overall results.
- Location: Costs can vary based on geographic location, with cities like London generally being more expensive than others such as Birmingham or Manchester.
Detailed Cost Breakdown
A more detailed breakdown of potential costs per square foot includes:
- Fit Out and Construction: Costs range from £45 for basic fit-outs to £75 for high-end projects.
- Furniture and Installation: This can add between £12 and £32 per square foot, depending on the quality and complexity of the furniture.
Budget-Friendly Refurbishment Tips
Even with a limited budget, you can achieve an impressive office makeover. Here are some cost-saving strategies:
- Set Clear Objectives: Define your goals and focus on areas that will provide the most significant impact.
- Reuse Existing Elements: Repurpose furniture and fittings where possible to save costs.
- Embrace Flexible Workspaces: Create multifunctional areas that can serve various purposes.
- Choose Timeless Over Trendy: Opt for designs that won’t quickly go out of style to avoid frequent updates.
Financing Your Project
Financing options for office refurbishments include:
- Self-funding: Using available funds to cover costs.
- Business Loans or Grants: Seeking financial assistance through loans or grants.
- Financing Plans: Arranging payment plans with contractors to spread out costs over time.
Exploring these options can help manage cash flow and ensure the project remains within budget.
Expert Guidance and Assistance
For detailed advice and professional assistance, consider partnering with Estilo Interiors. Our expertise can help optimise your investment, ensuring a functional and aesthetically pleasing workspace. We provide comprehensive services for your project, including design, build and furnishing. We also enure your project is managed efficiently and effectively from start to finish, on budget and on time.
To find out more about how we can help you and your business, get in touch with us here.
