When your business needs fresh premises, the decision on whether to renovate or commission a purpose-built new development is often a tricky one to make. As well as obvious factors such as budget, issues such as time constraints, the type of property needed, and available assets can all make a difference when it comes to opting for a refurb or new-build.
Here we take a brief look at the pros and cons of renovating a commercial space in comparison with the pros and cons of commissioning a new build development. We also suggest how Dancor can help to make decisions on your premises easier.
Pros of Renovating a Commercial Space
An opportunity to benefit from a quirky, unique space
Repurposing an existing, older building can open up opportunities to utilize space in imaginative and novel ways, adding visual interest and individual character to your premises.
Usually cheaper and faster
Although not always the case, renovation projects tend to be more economical and take less time to complete.
You can usually occupy the building during renovation
Although renovation almost inevitably causes a degree of disruption, if you need to keep your business running, renovation can often be completed whilst you occupy the building.
Cons of Renovating a Commercial Space
You may not get exactly what you want
As you are fitting your business into space that was not specifically designed for it, you will have to compromise on some aspects of the premises.
Beware of costly upgrades
Depending on the building, costly disruptive upgrades such as a rewire, asbestos removal or upgraded HVAC may be needed. These types of major upgrades can significantly increase cost and time.
Pros of Building a Commercial Space from the Ground Up
You get exactly what you want!
Subject to budget and planning constraints, your premises can be designed to your exact specification.
No inherited surprises!
From the foundations through to the materials, wiring and design, every aspect of your property will be compliant with modern safety and energy-efficiency standards.
Future-proof investment
It’s likely that a new build development will have greater longevity and require less maintenance than an older building that has been repurposed.
Cons of Building a Commercial Space from the Ground Up
Expense
Almost inevitably, you will pay more for a like-for-like new development in comparison to a renovation.
Materials Scarcity
Currently, some building materials are in short supply, potentially leading to delays in constructing your property.
Longer Project Timescales
New-build developments take significantly longer than a renovation in most cases.
Get Commercial Construction Services with Dancor
Dancor is an experienced commercial property developer that can provide high-grade renovations and new-build spaces. We can find creative ways to give you the high-grade, energy-efficient premises you want at an affordable price.
Get in touch with the team at Dancor to discuss your options in more detail.
