Relocate or Renovate: Making the Right Choice for Your Office Space

When considering your business's office space needs, it's essential to weigh the benefits and drawbacks of relocating to a new tenancy versus renovating your current fitout. Recent insights from the Property Council of Australia's Office Market Report provide valuable context for this decision.

Pros of Relocating to a New Tenancy:

1. Access to Modern Facilities: New office spaces often feature state-of-the-art amenities and designs that can enhance your company's image and employee satisfaction.

2. Potential Cost Savings: Depending on market conditions, you might secure a more favorable lease agreement in a different location, potentially reducing rental expenses.

3. Strategic Positioning: Moving to a location with better transport links or closer to key clients can improve accessibility and business opportunities.

   
   
   
   

   

   
   

Cons of Relocating:

1. Disruption to Operations: The moving process can be time-consuming and may disrupt daily business activities.

2. High Relocation Costs: Expenses associated with moving, including logistics and potential downtime, can be significant.

3. Employee Adjustment: Employees may face challenges adapting to a new location, especially if it affects their commute or work environment.

Pros of Renovating Your Current Fitout:

1. Cost Efficiency: Renovating can be more economical than relocating, as it avoids moving expenses and potential rent increases in new areas.

2. Minimal Disruption: Renovations can be scheduled to minimise impact on daily operations, allowing business continuity.

3. Customisation: Tailoring the space to your specific needs can enhance functionality and employee satisfaction.

Cons of Renovating:

1. Limited Modernisation: Older buildings may have structural limitations that restrict the extent of possible renovations.

2. Potential Downtime: Renovations might require temporary relocation or adjustments, leading to operational disruptions.

3. Long-Term Viability: An older building may not support future growth or technological advancements as effectively as a newer facility.

Market Context:

According to the Property Council of Australia's Office Market Report, Brisbane's CBD office vacancy rate has decreased to 9.5%, the lowest in over a decade.

(Property Council of Australia)

 This indicates strong demand for office spaces in the area. However, the overall national office vacancy rate remains at 14.6%, slightly above the historical average.

(Property Council of Australia)

Given these dynamics, relocating to a new tenancy in Brisbane's CBD could offer access to modern facilities and strategic positioning. Conversely, renovating your current space might be more cost-effective and less disruptive, especially if your existing location meets your operational needs.

Ultimately, the decision should align with your business's specific requirements, growth plans, and financial considerations. Consulting with a commercial interior design expert can provide tailored advice to help you make an informed choice.

Recent Trends in Australian Office Vacancy Rates (News Articles)

The Australian- Acres of new offices on offer, but Melbourne's not interested

Adelaide Now- WFH still a thing? 'Significant growth' of workers returning to CBD

News.com.au- WFH crisis: Aussie CBDs in 30-year low

If you're facing the dilemma of relocating or renovating your office space, it's crucial to make the right decision for your business's growth and efficiency. Get in touch with us today to discuss how we can help you create a functional, stylish, and cost-effective office design that supports your long-term goals. Let’s explore your options and make sure your office environment aligns with your business vision.

Contact us for a consultation!