Having a sleek and well-maintained office leaves a great impression on customers or clients who visit and enhances your staff’s productivity and efficiency. If you’re thinking of renovating your business space, take note of some tips for preparing your budget. Of course, renovation costs often depend on the scope of the work involved and the size of the space being renovated. However, there are some general guidelines to help you plan financially.
Square-Foot Cost
- The average cost for office renovations in the Greater Toronto Area is around $50-$80 per-square-foot
- This cost-per-square foot includes materials; contractor pay; electrical, plumbing and HVAC work; framing, drywall and plastering; painting, flooring, carpentry, millwork, and in some cases, office furniture.
- For example, an office that is 2000 square feet may cost anywhere between $100,000-$160,000 to renovate.
- On the economic end, you can expect a basic renovation or upgrade to the space.
- On the more expensive end, your renovation would include above-standard and more lavish finishes; unique features like modular glass partitions or drop ceilings; and perhaps some energy-saving features.
Keep in mind this is just a guideline to gain a general understanding of renovation costs. There are plenty of factors that cause costs to vary dramatically. For example, an office space that’s 2000sqft versus a space that’s 3000sqft may ultimately cost the same, it just depends on the work required. A bigger space doesn’t necessarily mean that it’ll cost you considerably more.
Again, there is no easy way to really predict how much your project should realistically cost. But there are additional factors to consider for a more accurate estimate. Ask yourself if your office space is located in a new building or an older 2nd generation building? Brand new spaces that are just empty shells and require a fit-out, all sorts of furniture, fixtures and equipment will definitely be more expensive to renovate. On the other hand, 2nd generation buildings where materials such as doors, drywall, ceilings, and other finishes already exist, can be reused to reduce your costs.
Other factors that may raise your costs:
- If it has been 50 years or more since the last office renovation, you’ll likely need to spend a lot more on renovation
- if you plan to re-furnish your office with high-end furniture
- if you plan to do the exterior of the office space as well
If you do not anticipate any of these types of needs, it is safe to assume that you should expect the average cost of $50-$80 per square foot. However, if you do, expect to pay more than the basic $50-$80 per square foot for your remodeling job.
If you’ve got any questions about your next office renovation, feel free to reach out to us. You can always give us a call at 905-604-6771 or shoot us an email.
I find it helpful when you said that a company should be willing to invest $50 to $80 per square foot in their office when its renovation plan involves adding high-end furniture and have the exterior done as well. Aside from that, one should also invest in more recent or newer office equipment models, such as copiers, along with the renovation. Doing this will help increase productivity in the new office while keeping one’s energy costs down at the same time.