Often an expensive part of relocating or starting up a new business is the office fitout. If the tenants weigh the options and take some time to consider their needs they can potentially reduce their expenditure as fitouts can cost thousands of dollars a square meter.
It can be a cost saving opportunity for some businesses if an office space already comes with an appropriate fitout.
Currently the market is showing that there is less capital from tenants to invest in their own fitouts. If you have the option to lease the space including some level of fitout it can be easier. Many building owners are providing basic office fitouts that can be easily adapted for the prospective tenants while others are offering assistance with the costs involved in a custom fitout.
No businesses are alike and tenants must make sure the fitout is suitable to their needs, however there are financial advantages to leasing a fitted out space. Some professions such as law and finance require private offices while some businesses prefer an open plan space.
A cash contribution to the cost of office fitouts is becoming a very attractive incentive to tenants. There is more willingness from owners to assist and more tenants prefer to fitout their own space using this incentive. Landlords can also support tenants with their fitouts by proposing discounted trades and sharing previous knowledge to help their tenants use the space more proficiently.
One of the biggest mistakes business owners can make is underestimating their potential for growth.
Owners can customise solutions to work for everyone if businesses have thought these things through.