Does Paying a Premium for Office Fit-Out Pay for Itself?

It’s a common dilemma. When faced with the significant cost of an office fit-out, many businesses hesitate. Higher initial costs can feel like a threat to your bottom line, making it tempting to opt for cheaper options. However, viewing office fit-out not as an expense but as a strategic investment is key to making the right decision.

Saving money upfront might feel like a smart move, but it often leads to hidden costs down the line – costs that can affect your business operations and employee satisfaction. Here’s why increasing your office fit-out budget and engaging a workplace specialist early can pay off in the long run.

Attracting and retaining talent

A key advantage of investing in a high-end office fit-out is its ability to attract and retain talent. A poorly designed workspace can make your business less appealing to top candidates, and an uninspiring office can lead to high employee turnover, resulting in increased hiring costs.

By investing in a well-designed office space, you’re not just creating a comfortable environment for your employees – you’re making your business stand out in a competitive job market. Prioritising the design and quality of your fit-out shows that you value your employees’ well-being, making your company more attractive to potential hires.

Boosting productivity and well-being

The design of your office plays a significant role in employee productivity and well-being. Poor lighting, inadequate acoustics, and poor ergonomics can reduce focus and efficiency. In contrast, an optimised workspace can boost productivity by up to 20%.

By investing in a premium fit-out, you’re creating an environment that supports your team’s ability to work effectively and feel comfortable, with a positive impact on your employees’ workplace wellness. From ergonomic furniture to intelligent lighting and noise-reducing designs, a well-designed office space helps your employees perform at their best.

Enhancing brand perception

Your office is more than just a place to work – it’s an extension of your brand. The design of your workspace speaks volumes about your company’s values, culture, and professionalism. A low-quality office sends the wrong message to both clients and employees, undermining your brand perception.

On the other hand, investing in a high-end fit-out shows clients that you value quality and professionalism. It also strengthens your company culture and gives potential clients and partners a strong first impression of your business. A premium office design reinforces your brand’s identity and gives you a competitive edge in the market.

Smart ways to budget for a high quality office fit-out

• Landlord contributions: Some landlords are willing to contribute towards the cost of fit-out, reducing your financial burden.
• Lease-integrated fit-out costs: You can often integrate the cost of the fit-out into your lease agreement, spreading the expense over time.
• Fit-out leasing and financing: Financing options allow you to pay for the fit-out in installments, easing cash flow pressures.
• Sustainability grants and tax incentives: Many governments offer grants and tax incentives for sustainable office fit-outs, which can offset some of the costs.
• Phased fit-out strategy: If your budget is tight, consider a phased approach. Implement key elements of the fit-out in stages, prioritising the most important areas first.

The long-term benefits speak for themselves

Companies that take a short-term view often find themselves paying more in the long run. Cutting corners now can lead to increased turnover, poor employee morale, and costly repairs sooner than you might expect.

Across many of the projects we’ve worked on at Ikon, we’ve seen firsthand the benefits of prioritising a high end office fit-out as part of a workplace strategy, with those businesses who made that decision, now reaping the rewards.

Simply put, your workspace is an investment in the future success of your business. The results speak for themselves. When businesses embrace a long-term perspective on office fit-out, they find that the benefits far outweigh the upfront expense.