Renovating an office space can revitalize your business. Not only is a renovated office space a great way to make a good impression on potential clients, but it can also improve efficiency and morale in your workplace. But how much do office renovations cost? The answer isn’t as straightforward as you might think, and pricing an office renovation can be accomplished in several ways. You may want to talk about the price per square foot, the cost of contractors, the price of materials, and the type of renovations conducted. Let’s talk a little about each of these factors so you get a clearer picture of the potential cost of your office renovation.
Per Square Foot
In the construction world, jobs are generally priced per square foot. In North America, the average cost of an office renovation is around $190 per square foot. This estimate factors in all the costs of a renovation. Renovations may include (but are not limited to) replacing cabinetry and countertops, adding storage space, replacing carpets, replacing and painting drywall, and even updating the electrical in your office. To determine the square footage of your office space, simply multiply the length of your office by the width. Renovating a small office (12 foot by 12 foot is 144 square feet) works out to approximately $27,000. Obviously, you might want to adjust your budget based on the renovations you need most, and you might manage to renovate for considerably less.
When it comes to upgrading your office, you likely want to work with professional contractors. Indeed, office renovations are not the best projects for testing your do-it-yourself skills. On average, contractor costs will vary depending on the trade. Carpenters charge around $70 per hour; electricians between $60 and $80; plumbers range from $45 to $65 per hour; and painters charge between $20 and $35 hourly. Estimating the total hours for each type of contractor can be difficult, so you should meet with various potential contractors in each trade to get an estimate for your project.
Materials are a significant portion of the cost of your renovation. In fact, if you’re looking to save on your office remodel, materials are the best place to start. Certain costs will be mostly fixed; for example, drywall is drywall, so you’re probably not going to save much here. But when it comes to finishing features such as moulding, flooring, windows, and doors, you’ll probably find a lot of flexibility in cost. Work directly with contractors at the beginning of your renovation to determine material costs and see where and how you can save money if you’re on a tight budget. Given all the money in the world, you can achieve some truly beautiful office renovations – but beauty usually comes at a cost.
Type of Upgrade
Finally, you probably want to quickly consider the type of renovation you are conducting. If you’re just looking to remodel your space for aesthetic purposes, you can usually make some significant but less expensive upgrades without restructuring your office space. However, renovations such as seismic upgrading, installing new HVAC systems, and exterior upgrades can be significant and costly. So, when it comes to pricing your office renovation, you need to have a clear picture not only of the size of your space, the contractors you’ll work with, and the materials involved, but also the type of project you’ll undertake.