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Insight
Home Insights Refurbishing or relocating: What's best for your business?
As businesses evolve, so do their space requirements. Whether due to growth, changing working patterns or a shift in company culture, organisations often face a critical question: is it better to stay or go?
Central London’s office market continues to tighten, with overall vacancy rates dropping to 9.4% and Grade A availability shrinking to just 5.4%, according to Cushman and Wakefield. The shortage of premium, high spec office space reflects a broader shift - a “flight to quality” - where companies seek to provide exceptional environments that encourage staff to return to the office. This demand is pushing rents higher, making relocation a less accessible option. As a result, many businesses are investing in upgrades to their current offices to better suit their teams and operational goals.
Refurbishment is a great option for businesses that value continuity, sustainability and cost control. It’s particularly suited to organisations with strong ties to their current location, a stable workforce or a desire to enhance their space without the upheaval of a move.
Supporting staff retention
People build routines around their workplace – from commuting patterns to lunch spots. A full scale move can upend this, impacting satisfaction and even retention. Enhancing the existing space helps preserve that familiarity, while improving functionality and design to support wellbeing and productivity.
Landlord concessions
Refurbishment can open the door to financial incentives. Property owners may offer favourable lease terms, rent reductions or contributions towards improvement works, especially when tenants commit to a longer stay. These concessions can significantly offset the costs of a refurbishment project.
Making the most of the space
A refurbishment provides the opportunity to optimise the existing layout, making better use of available square footage. Landlords may have vacant space in the same building, offering opportunities to expand into additional floorplates or connect floors with internal staircases. This enables businesses to scale up without relocating, minimising disruption while creating a more efficient and cohesive workspace.
Breakout space at GPE Bramah House
Personalised design
Refurbishment allows businesses to tailor their office environment to their specific needs and brand identity. Whether you’re aiming to reflect your brand more effectively or introduce new ways of working, refurbishing gives you the freedom to customise everything from finishes and furnishings to tech integration and zoning.
Business continuity
With careful planning, refurbishments can be carried out in phases to minimise disruption, ensuring business operations and client services continue smoothly. A staged approach - upgrading one area at a time - allows employees to maintain productivity throughout the process. Scheduling work during off peak hours or weekends can also help limit noise and interference during core working hours.
Sustainability
Choosing to refurbish an existing office is often the more environmentally responsible option. It helps minimise waste typically generated by relocation or demolition, and frequently integrates sustainable materials and energy efficient enhancements. Many refurbishment projects are designed to meet recognised sustainability standards such as BREEAM, LEED, SKA and NABERS - supporting better energy performance, resource use and occupant wellbeing. This approach not only reflects corporate social responsibility commitments but can also contribute to long term operational savings.
Staying connected
Maintaining your current address can be beneficial for community presence, client accessibility and brand consistency. This is particularly valuable for companies that depend on proximity to partners, customers or a well established local identity.
Colourful features at GPE City Tower
Relocation involves moving your business operations to a completely new office space. It’s a significant decision that offers opportunities for growth, improvement and alignment with your company’s long term vision.
Access to new talent pools
Relocating to a new city or business hub can give companies access to a broader or more specialised talent market. Proximity to universities, transport links and emerging business districts can make recruitment easier, enhancing your ability to secure top talent.
Reaching new markets
Relocation can provide access to a broader client base, improved infrastructure and better business prospects. Moving to a high profile business district can boost brand visibility and open networking opportunities with major industry players. For companies looking to expand or enter new markets, relocation can be a strategic move that strengthens their competitive edge by positioning them closer to key suppliers, investors or potential partners.
Contemporary office interiors at Unicredit
Scalability
As businesses expand, their workspace needs naturally evolve. Relocating offers the opportunity to select a new environment that not only supports the current team but also allows for future growth. A larger office with flexible layouts, dedicated breakout zones and capacity for additional staff helps ensure the business can scale efficiently - without the need for repeated, costly relocations.
Enhanced facilities
Modern office spaces typically come equipped with cutting edge facilities - ranging from high speed connectivity and advanced security to energy efficient infrastructure. Features like smart lighting, climate control and state of the art meeting areas help create a more comfortable, productive environment. These enhancements not only boost employee satisfaction but can also deliver long term cost savings through improved efficiency and lower energy usage.
Stylish meeting space at Arctos
The cost effectiveness depends on the specifics of your situation. Refurbishment is generally less expensive upfront. Relocation often involves higher initial costs, but it can position your business for future growth and operational efficiency. A detailed cost benefit analysis is essential to understand the financial implications of both options.
Refurbishment usually has a shorter timeline, as there are generally fewer logistical complexities. Relocation requires more extensive planning, including lease negotiations, moving logistics and setting up the new space. Your decision should align with your business’s time constraints and operational needs.
Factors such as commute impact, workplace flexibility and local and workplace amenities, play a major role in employee retention and satisfaction. Both refurbishment and relocation should be approached with a deep understanding of how the new space will enhance work culture and engagement.
A phased approach, strategic temporary relocations (e.g. swing space) and off hours construction scheduling can minimise operational disruptions. Engaging employees early in the process and providing clear communication on timelines, noise management and workspace adjustments is critical to maintaining productivity.
Ultimately, the decision to stay or go hinges on your organisation’s goals, culture and operational needs. Both refurbishment and relocation present unique opportunities – what matters is aligning your choice with the future you’re aiming to build.
Let’s chat about what’s possible.
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