Tuesday, 3 August 2010
Office refurbishment and redevelopment
A report has just been released on the benefits of new office fit outs and redevelopment programmes
A study into the trends of office refurbishment and office redevelopment has been released. For companies seeking to move office they often weigh up the choice of moving into an office which may need a personal office fit-out or opting for a new office redevelopment. But what is the future for these two options in terms of market trends and sustainability?
According to the report:
- The need and market demand for refurbished offices will increase over time with regulatory changes.
- Grade-A supplies of office space are thought to reduce with any rises in refurbishments.
- Conservation and energy efficiency will become important aspects of new redevelopments. Increased sustainability will become a key goal of office fit-outs and redevelopments alike.
- Sustainability in office builds requires a sound knowledge of the relationships between the cost of the changes, the risks they may entail and the benefits of the alterations in the long run.
- Most office spaces currently pre-date the era of sustainable fit-outs and developments.
- Speculative development has slowed down considerably on account of the global downturn, with investors wary of investing on risky commercial property market ventures until stability is secured.
- Lease lengths are becoming shorter on all kinds of office space and break clauses are becoming more and more common.
- Risks of refurbishment include the difficulties associated with the existing structure, higher levels of contingency requirements to be assessed and safety issues such as asbestos removal in older structures.
Read more about whether the best option is to move office or refurbish your existing one.
