If you’re wondering how much it will cost to revamp your workspace this year, we’re here to guide you.
Unfortunately, there’s no one-size-fits-all answer but we’ve got some average prices to give you a better idea of what you might expect to spend.
In this blog post, we explore:
- Typical office refurbishment costs for 2024
- How to refurbish your office on a budget
- Ways to pay for an office refurbishment project
What are typical office refurbishment costs for 2024
As we said above, there isn’t one answer to how much it will cost to refurbish your workspace – this year or any other. This is because it depends entirely on three overarching factors, which we’ll explore in more detail further on:
- Size of the space
- Spec of the products
- Scope of the project
However, businesses could expect to spend, on average, anything from around £30-£90 per square foot on an office refurbishment in 2024.
To put that into context, this means that a 10,000 square foot workspace could cost between around £300,000 to £900,000 to refurb.
Depending on the size, spec and scope of your project, you might pay more or less.
Below, we’ve broken some estimated costs down by level of project to give you a more specific idea of price range:
- Low-range: £30-£50 per sq. ft. approx.
- Mid-range: £50-£70 per sq. ft. approx.
- High-range: £70-£90 per sq. ft. approx.
The low-range bracket above encompasses less intensive renovation projects such as superficial refurbishment and aesthetic updates.
The high-range bracket covers full refurbishment projects that tend to start with a complete strip out of the existing space. Mid-range sits somewhere in between.
It’s important to note here that these guideline costs don’t include things like furniture or AV tech.
Things that influence how much a refurb will cost
Although we can provide some estimated costs, it’s important to emphasise that these should only be taken as a guide.
As we covered above, the price of an office refurbishment varies drastically depending on the size of the space, scope of the products and scale of the project.
Let’s take a look at some of the specific factors that influence the cost of a refurb project.
The type of refurbishment
Do you want to rip your existing office out and start again with a restructure? Or do you want to make more superficial, aesthetic updates to the current space? Different requirements mean a spectrum of different costs.
Square footage (size)
How big the building or space is. Plus, how many areas are involved. Perhaps you just want to makeover your office kitchen or maybe it’s a complete transformation.
Condition of the building
How much repair or groundwork needs to be done to the interior or even exterior of the space before other refurb work can begin.
Quality of suppliers and contractors
The suppliers and contractors you choose to work with will either increase or lower how much you pay. Smaller, less experienced partners will cost less but often, paying that bit more means you get to work with more reputable, qualified companies.
Product quality
Whether you choose cheaper or more expensive products. Keep in mind that quality is essential if you’re going to get longevity out of your workspace, furniture, office lighting and tech, etc.
Your location
Where you are will impact cost. London, for example, is far more expensive than Liverpool or Manchester.
Other unique requirements will affect what you pay. For instance, if you need contractors to work or suppliers to deliver outside of working hours to limit disruption, this will likely mean extra
Refurbishing an office on a budget
As you can now see, the cost of making over your workspace can vary significantly depending on a number of design and fit out-related factors.
Something else that will determine how much you spend on an office refurb is your budget.
It’s important to be realistic about how much you can or want to spend when planning the project.
When you’re practical about your available budget, you can manage expectations about the finished result more effectively and prioritise your spending more efficiently.
Here are five of our top tips on how to revamp your workspace on a budget:
Set clear goals
Before you start, set clear objectives about what you want to achieve from the space and if there are any specific workplace issues you’re looking to solve. This will keep you on track so you can optimise your budget.
Consider things like your brand identity, health & safety, growth plans and employee wellbeing to establish where your budget would be best spent.
Repurpose existing features
Transforming your workspace doesn’t mean you have to start from scratch.
If there are elements or aspects of your current space that still align with your goals or desired ways of working, there’s no reason you can’t keep them as they are.
Furniture is the perfect example. You could consider reupholstering soft seating, for instance, or relocating desks and chairs to configure them differently. Be creative with what you already have to save cash.
Taking this approach will help avoid unnecessary expenditure but it will also help make your refurb project more sustainable, so it’s a win-win.
Support agile working
The modern workspace is more flexible and dynamic than ever. People are no longer tethered to dedicated desks or even anchored to the office five days a week.
This nomadic approach to using office space makes it far more multifunctional and adaptable.
Supporting flexible and agile working means you can make your space work harder and get more for your investment.
So, instead of designing spaces with one sole purpose that stay empty when they’re not in use, create more multi-purpose settings that can fulfil a variety of requirements.
Tread carefully with trends
Experimenting with interior design trends is an exciting part of the process but it’s something that should be done strategically if you’re being cautious with your cash.
The nature of trends is that some of them come and go more quickly than others. So, if you want to incorporate trend-based elements into your workspace, do so in ways that are easier and cheaper to adapt.
For example, if you want to incorporate the clashing prints trend into your workspace, use things like cushions, framed prints and rugs – all features that aren’t permanent or costly to overhaul.
Hire an office refurbishment company
Another way to ensure you optimise your project budget is to work with a reputable office design company – especially one with strong relationships with manufacturers so you can access high-quality products at the best possible prices.
Workspace design experts will also be able to guide you towards the most cost-effective solutions to the objectives you set for the project. They’ll make sure you’re spending your money in all the right places and on all the right things.
Hiring a refurbishment company might feel like a large expense but the initial investment will protect your cash flow in the long run.
Plus, enlisting the expertise of professionals will help you avoid any costly mistakes you might make due to lack of experience or knowledge in the area.
Paying for an office refurbishment project
When it comes to paying for an office refurbishment, the good news is that you’ve got multiple options to explore.
The most common ways business owners pay for workspace transformation projects are:
- Self-funding
- Business loan or grant
- Financing
Sometimes, business owners will even use a combination of some or all of the above to pay for the project. You might pay for the fit out elements through financing, for example, while a chunk of self-financed cash could cover new furniture.
The main pro of self-funding is that you won’t have any debts or invoices hanging over your head.
However, having that amount of liquid cash available isn’t realistic for most businesses. That’s where a grant, loan or financing plan comes in.
Lease financing for an office refurb
Lease financing is where the office refurbishment company or fit out partner who completes the project sets up a financing payment plan to help you spread the cost.
An instalment plan will be arranged and signed by you and. You will pay an initial installment and then repay the remainder (plus interest) over a specified period of time.
For more information, read our guide to financing an office refurbishment where we cover things like:
- How the financing application process works
- Picking the right type of financing for your business
- What happens if your business has bad credit
If you’re looking to redesign your workspace and want to learn more about our financing payment options, get in touch.
