Whether you are starting a business, renovating your work space or relocating to a fresh, new office – confronting the reality of construction costs can become overwhelming without early planning.
From design, construction, furniture, fixtures and more – the total expense of an office space build-out can vary depending on the work required, resources, time and quality of materials.
For starters, it is important to identify the needs of your project:
• Where will it be located?
• How old is the facility? / How much renovation does it require?
• Was the space previously used as an office?
• What are the needs of the business?
• What is the budget?
According to 42Floors (a search engine for professional real estate ) – the average cost of a basic build-out in a new building can begin around $40 per square foot (which includes carpeting, paint, lighting and equipment such as a photocopier and coffee machine).
To contrast, custom work and upgraded materials (such as wood veneer doors or a stone reception desk) may cost upwards of $100-150 per square foot. In the case of older office buildings – accommodating quirky spaces, slanted floods and potential wear-and-tear may inflate your overall costs.
Whatever your budget, tastes or needs – here are a few budget line items to prepare for:
HIRING AN ARCHITECT
Hiring a design professional early on can help save a lot of time and money in the long-run. As architects and designers are well versed in aesthetic, custom work areas, health codes, accessibility and creativity – they are also best equipped to accommodate the individual needs of any office space.
Although this could eat up a good $20,000-$200,000 – the peace of mind in having all of your bases covered will alleviate the stress and allow for more time to conceptualize the company’s business plans.
ELECTRICAL & LIGHTING
Believe it or not – lighting quality can have a big impact on mood and employee productivity. As natural lighting offers a positive impact on both mood and electrical bills – the installation of electrical office lighting is still a requirement.
WALLS & MILLWORK
A basic partition wall (approximately 10 linear square feet) ranges in price depending on the quality you need. Glass walls, alternatively, are generally not priced per square foot but by packages, instead.
Of course, the cost will vary depending on the quality and quantity of the materials required.
Commercial-grade carpet or vinyl tile can start as low as $4 per square foot. Other flooring options to consider range from basic concrete for an industrial-themed space, to wood plank floors for a warmer, modern feel.
Many office landlords will provide “Tenant Improvement Allowances” to business that are leasing to appeal to tenants that are seeking office spaces that are tailored to their individual needs. Although they will usually only be able to offer a small portion of the overall construction costs, it’s always good to have your selected general contractor to see the space with you before signing as they may be able to point out impotent things about the space that can possibly help you save on costs.
For business offices that are building from the ground up – the installation of bathrooms, kitchen spaces, fire protection and HVAC will require space on the budget as well.
Either way- a new office can mean an exciting step forward for the success of your business. Happy Planning!
INTERESTED IN BUILDING/RENOVATING YOUR OFFICE SPACE? GET IN TOUCH WITH OUR BUILD IT by Design Toronto team to get started
CONTACT (905) 696 – 0486 OR [email protected] FOR MORE INFORMATION.