As the competition for the best office spaces increases, refurbishment offers both owner-occupiers and landlords a number of options for ensuring their properties remain both relevant and profitable.

If you are an owner-occupier you will want to ensure that your business development continues to align with your real estate strategy. It is therefore important to identify potential in your existing property, and to create a workspace that will meet your needs today and in the future.

Undertaking a refurbishment can reduce maintenance costs, and simplify logistics when it comes to management; it can provide an opportunity to incorporate new technology, improve your sustainability credentials and can allow for a more efficient use of space.

As a landlord, you will want to make sure that your assets are generating the best yields possible and refurbishment is a good way to ensure your property remains attractive. Not only will this potentially help to retain current occupiers and assist at rent review, but it can also help to increase the net internal area, secure new tenants on attractive lease terms and reduce void periods.

It is important to tailor the building facilities to suit the local occupier market: whether that be corporate or creative, it is essential to create an environment that suits their needs both practically and aesthetically.

Refurbishment also opens up a number of opportunities, allowing for a new approach to the use of that site. Carrying out work on the whole building or on a single floor can add significant occupational and financial value.

Further information

Read more about Savills Project Management: Refurbishment and redevelopment.