Companies looking for a commercial space today have three basic options: negotiate a commercial office lease of existing space and make improvements; invest in a new building; or reuse available space by renovating it. While most companies may prefer the ease of working with office space services to secure a lease in a building ready for occupancy, availability is declining as both demand and rents are rising.
Given the other two options, can adapting buildings for office use be a good option? It depends on a number of important factors.
Which Is Better - To Build or Adapt?
Renovating an old building, or one designed for other uses, has become a common undertaking today as the number of companies looking for a commercial office lease climbs. While some of these adaptations may be minor and make complete sense, others can be quite extensive.
Before beginning any significant renovation project, a business needs to consider why renovating is a better choice than building new. Cost is always a major factor; however, there are other issues to consider before it can be said that a high-dollar renovation is the best choice.
What Will the Renovation Entail?
Starting with the basics, office space services suggest that it is essential to know two important details: the complexity of the renovation project and if desired changes can actually be done to that building. In terms of customization, a new build will always be better as it can be designed according to a company’s specific requirements.
Yet when considered alongside other factors like cost, location, and timeframe, a company may be able to compromise on some limitations of a rebuild to get more in other areas. In addition, renovated space can be occupied more quickly than when a company cannot wait for new construction.
Location - And All That It Means
One significant limitation to building new is location. New buildings can only be built where land is available. Although any location can be a great one, repurposing an existing building for a commercial office lease provides the additional benefit of being located in an already established neighborhood that can help a business thrive.
It can offer important access to transportation, amenities, and surrounding businesses, which can be a draw to both employees and customers. Some of these buildings may also have a certain charm or historical value that may make them even more appealing.
Since most desirable locations are being grabbed up quickly, this leaves office space services with fewer options or working with buildings that are a bit further away from main business areas. Depending on the actual location and options for building new, this could still be a better option.
There is no single answer to the question as to whether adaptive reuse through renovation is better than building new because every company’s priorities and needs are different. There are pluses and minuses to both situations for a company seeking a commercial office lease. Weighing the value of details like cost, time, location, accessibility, and customization, a company can work with local office space services to determine which arrangement provides them the best advantage and ability to operate efficiently and productively!