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To Renovate or Relocate

A growing company’s office space needs are always changing. The space that worked perfectly when you found it 15 years ago, may no longer meet your needs now that your company is expanding. Renovation might be an inexpensive alternate to relocation based on present and future needs however, there are several instances where relocation just makes sense.

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Relocation

If your current location is in a bad area, becoming too expensive, or no longer available, relocation may be your only option. If you find your company having to bring in more personnel as a result of company growth/expansion, relocation may be a wise choice. There are only so many options within a set amount of square footage.

You may consider relocating even if existing space works well for your company in order to minimize downtime. In other words, it’s business as usual in your current space, while the new space is being fitted for use. This is especially helpful to companies that see a lot of clients on a regular basis. It minimizes construction noise and disruptions avoiding the perception of your company being unorganized or chaotic.

Moving into a NEW space may give you landlord incentives to help offset the cost of your build out. Landlords and building owners may be a bit more generous to a new tenant than they are with existing tenants. Also, if your remodel project is an extensive one, it might make more sense to simply move into a new bare “white box” space and start from scratch. All of this contributes to making your tenant improvement dollars go a bit further.

Renovation

There are several instances where renovation might be a better choice to relocation. If all you need is a minor makeover, you are currently in a one of a kind space, or you have an irreplaceable lease.

Sometimes a certain location is logistically perfect as it applies to shipping and receiving, not to mention exposure and employee access for some.

Landlords that seem to offer incentives to relocating companies might not compare to your current lease. Especially if your locked in at a lower rate for an extended amount of time. These are all good reasons to stay where you are and consider renovation.

Ultimately the correct choice is the one that works best for you in your current situation considering future growth.

Reach out to a Commercial Real Estate Professional that specializes in representing tenants to help you understand your specific options.

“Build Better” -Roy C. Bennett

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