Is it time to renovate your commercial space?

By Greg Bell

Could a new window take your Gold Coast storefront to the next level? Can you not stop dreaming of turning that unused space into a conference room? 

Renovating your Gold Coast commercial space can be a great way to enhance your business. It's important to keep in mind, however, that projects of any size can be expensive and disruptive to work. Here's how to find out if you're ready. 

Do you need to renovate your business? 

In addition to changing the way you feel about your business, renovating your commercial space can also help you to:

  • Enhance your company reputation, 
  • Make your business more sustainable,
  • Improve workplace morale,
  • Boost production, 
  • Attract more customers with an improved look and feel,
  • Optimise unused or underutilised spaces.

If you're a commercial property investor, making the right improvements can also help you attract tenants and increase your resale value down the line. 

But how do you know if you're in need of renovations? The first sign is a general dissatisfaction with the space you're in. Does some feature keep getting in the way? Could you be more productive and successful if something about your property was different? If so, it's definitely time to think about undertaking renovations. 

An outdated appearance is another reason to think about making changes. While you might not mind the way your business looks, you'll struggle to attract staff and customers with a drab looking space. 

Other signs are more practical – expensive bills, for example, could indicate that you should increase insulation with new windows or install more energy-efficient appliances. 

How to plan commercial investments

Even if you're sure you want to take on certain renovations, take your time and plan out every detail. Keep in mind that major works can be expensive and interrupt the flow of business. You need to be sure your company is prepared to deal with this before going ahead. 

Here are some things to consider: 

1. Are my priorities in order? 

While you might want that new timber flooring, do you need it? Many businesses owners have a long wishlist of renovations for their space, but it's important to think critically and prioritise before deciding which to take on and which can wait. 

2. Can I afford the project?

Budget is, of course, one of the largest considerations when renovating. Crunch the numbers and decide what your business can reasonably afford to spend. While the project might add value, it's important not to do so at the cost of your livelihood now. 

3. Do the improvements make sense in my industry?

It's also important to look into research and trends to ensure your vision is in line with the way your industry is moving. You wouldn't want to add dividing walls in your office space, for example, when open plan is currently in. 

4. How will I minimise work interruptions? 

Finally, you need to make preparations to ensure work doesn't get in the way of productivity. In some cases, this could mean closing for a couple of weeks so look ahead in your calendar to find the right time. 

Want to find your dream commercial space on the Gold Coast? Get in touch with the team at Ray White Commercial Gold Coast to see what we have on offer. 

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