Global inflation is causing costs to rise all over the world, should you shelve your workplace project, or make it a higher priority?

The economic slowdown comes at a time when attitudes toward where, when, and how people work are undergoing a monumental shift. Employees are seeking greater flexibility, putting businesses under increased pressure to adapt their workspaces for hybrid working, while also seeking to make them more sustainable.

Balancing the cost benefits

In uncertain times, it is vital that organizations revisit and challenge their motives and the expected benefits of moving or renovating. Often, with more scrutiny and a more holistic appraisal, the business case becomes stronger and more compelling.

Establishing a detailed budget at the outset is crucial for successful project management. A common mistake many companies make is underestimating how much a move will cost and how long it will take, which may negatively impact business continuity.

Costs associated with office changes

All moves include some short-term costs: potential disruption to business before and after a move or renovation could impact employee efficiency and quality of service; the reinstatement of a vacated office and renovation or any new office space often have hidden costs; and lease break clauses may dictate the timing. This all adds to the physical element of the move itself.

Unavoidable costs must be outweighed by the positives delivered, such as lower overheads for a smaller office, a more affordable location in the case of a move, or a happier more productive workforce due to improved facilities in the case of a renovation or move. Not all are easily quantifiable.

Irrespective of the office change, whether it’s a move or a refurbishment, with the right planning ahead of time the total cost can be minimized.

The returns on workplace investment, in the long run, are compelling: from buildings being greener and more efficient, to overall, increased productivity, to being better suited for a flexible workforce. Smooth and cost-effective office relocations or refurbishments are crucial to the success of most organizations and the well-being of employees.

Group of Asian business people team meeting in modern office working design planning and ideas concept

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Tim Burrill
Membership Manager & Executive Assistant
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