The Real Cost of Building a New Space

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10 November The Real Cost of Building a New Space

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It is vitally important to have an office space that works for you rather than one that you have to work around. Everyone wants a better work environment, but how do you create one?

Identify the Problem

According to the Harvard Business review, employees in a newly renovated office report distractions at less than half the rate of employees in older spaces. Cutting down on time waiting for meeting spaces, 10.4 minutes per day for the average employee, could be the change your company needs. Or perhaps removing cubicles, which is known for cutting email volume in half, would be the best course of action.

Creating an environment with the correct balance between areas designed for collaboration and privacy empowers employees and helps businesses thrive. To help you take the first step and determine what improvements you want to make, here are some important questions to consider.

What are you willing to pay?

Making structural changes to a building costs money, particularly as projects drag on. The estimated project cost for structural renovations range from $100 to $250 per square foot. The more changes you want to make, the more this cost will rise. Secondary costs, such as hiring a construction crew or paying for permits, can also add up.

The more serious the renovations, the more serious the potential complications. For example, breaking down walls, particularly on older buildings, can create mounting, and often costly, complexities.

What disruptions are you willing to have occur?

The direct price tag is only one of the costs associated with making massive structural changes. Time can be an equal or more significant cost. You would need to hire a construction crew, spend time obtaining permits and creating blueprints, not to mention the disruption during the construction itself.

The longer a construction job drags on, the harder it will be for your company to function as normal. This can be compounded by unexpected delays in the process. After all, time is money.

Installing modular wall systems, on the other hand, can be completed over the course of a single business day, without the need for blueprints or permits. You can even install them yourself if you want!

Are you sure (that you’re taking into consideration an ever-changing marketplace)?

You may know exactly what you want your office space to look like today, but are you equally sure you know what it will need in five years? Ten years? By investing in moveable, customizable, malleable solutions like modular walls, you can create a solution for today without compromising the potential of tomorrow.

A fantastic example of this can be found in Mizzen + Main, a men’s fashion company based in Dallas. Mizzen + Main faced a problem any company would be eager for, rapid growth! They wanted to create an affordable way to address the varied needs of their growing workforce while continuing to anticipate similar growth in the future. By utilizing personalized, branded modular walls, Mizzen + Main was able to easily update its workspace into an environment that was ideally suited to the new realities of the organization.

What is the ideal compromise between your fantasies and your means?

In our fast-paced, ever-changing world, it is vital to stay on the cutting edge of our industries. Renovating your office space can be one of the most important professional decisions you’re going to make. It’s important to sit down and create a bold but realistic plan.

Easy to install, customizable, stylish modular walls like those created by LOFTwall are the perfect tool to create the office space of your dreams within your actual means. Let today be the first step on your road to creating a workplace that works for you.

 

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