Overriding in all aspects of our company is presenting our creative best and in particular when working in commercial real estate, it is paramount that we use all resources to maximise the positive aspects of a property such as exploring the benefits of a spec fit-out. By using original ideas in design and styling methods, commercial real estate can become an exciting space with speculatively fitting out.
It is not a new concept for commercial landlords and over the last few years commercial spaces have evolved from something very ordinary and bland, to become a creative and multi-purpose space ready for a plethora of different companies across various industries. No longer are these spaces uninviting and ordinary.
Now simple spaces can be transformed into human centred spaces with work-zones to benefit different ways of working; an important consideration in a Covid-impacted world. The challenge for designers is to approach the design with the function of the employees who would use the spaces as a starting point rather than it just being an expression of a specific brand.
100 Arthur Street, North Sydney
Five key benefits of a spec fit-out:
1. Saving time:
There will be no delay and you’ll be able to move in straight away, a spec fit-out will allow you to avoid taking time from your everyday job and time lost!
2. Saving money:
Designing an office can be an expensive process if you’re planning on doing it yourself. For an incoming tenant it reduces upfront costs, and for a landlord it could avoid a major loss of rent if the space was to sit vacant.
When moving into a new space and undertaking the fit-out yourself as a company, the liability rests with the tenant – the tenant also has the responsibility of making-good the space at the end of the lease.
4. Flexible lease:
Shorter leases are not uncommon for spaces with a spec fit-out, thus it is a great alternative option if your business is growing or changing. Custom fit-outs will seldom have a lease term less than three years – and it would not be financially viable to do so.
5. Flexible space:
While it seems like a spec fit-out is set, it is actually more adaptable to expand or compress as your business does. Furniture, such as work stations, will be more flexible to change.
100 Arthur Street, North Sydney
In locations such as Brisbane, the office market has been subjected to high levels of vacancy, thus the spec fit-out has been a useful tool in allowing landlords to give their space a favourable edge with prospective tenants who are able to experience the space before they move in.
For Sydney, office vacancy was sitting at around 7% in January 2020 according to data produced by the Property Council of Australia. Although the full effects of Covid-19 won’t be realised for some time to come, Q3/Q4 2020 may see businesses needing to relocate to smaller, or bigger, premises.
If you need to mobilise your team quickly with minimal disruption, a spec-fit out could be the option you are looking for. It can be a financially attractive option too; not only with the reduced up-front cost, but it can come with great incentives. Similarly for landlords, speculatively fitting out your vacant space may be the most effective way to have the space re-tenanted; accelerating the leasing time by offering a plug-and-play solution.
InOne Can Help Realise Your Workplace Potential.
Inone have recently completed spec fit-outs for repeat clients, Knight Frank, at 100 Arthur Street, North Sydney creating three unique spaces in the heart of a growing CBD. If you’re a client looking for a fully customised design for a long-term lease or a landlord looking to speculatively fit a vacant space, click here to get in touch and for more information on the benefits of a spec fit-out or a custom build design.
When it comes to designing your office, it can be difficult to know where to draw the line between cost and design. Inone Projects endeavour to bring you the best cost-effective solution for your space while incorporating elements of design. Additionally, it’s important to create a workplace that supports mental health. Whether it’s a little extra effort to install a green wall, ensuring you use the space effectively to harness natural light or some additional styling to make you feel at home, our design and construction team have the knowledge and experience to achieve this. Our expectations of office spaces are changing; and there is no time like the present to refresh the old to make it feel new.
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If you’re looking at planning for your next project, get in touch with us here.