Going from Vacant to Profitable
It’s safe to say the pandemic brought a lot of surprises! Until a good percentage of the workforce was working at home or limiting their time spent in enclosed spaces (when possible), few of us could have envisioned a world with empty office buildings. It was the stuff of a far-fetched, post-apocalyptic storyline—until it wasn’t.
If that brings a grim picture into view, don’t worry; it’s not as dire as it sounds.
For us, at Honor Construction, this shift means there’s an opportunity to look at space in a different way—to flex our imaginations and fuel those ideas heavily, with our expertise and local know-how to come up with solutions.
So, let’s say you have unused office space. It may be completely vacant or only partially in use. Depending on your business, you may opt to bring more employees back to their desks more days a week, now that it feels safer to do so. Or, if remote work is working with your team, you could consider reconfiguring your space to free up areas that can be sublet to other, smaller companies or individuals. You could also open up those areas for office hoteling and hot desking.
Any of these have the potential to mitigate loss in leasing fees—or at least bring back a balanced ratio between people and square-footage. Keep in mind— these options also imply you still have a desire to maintain the space for office use, and/or that you want to retain the technology, meeting rooms, and conveniences that come with having a brick and mortar location.
If you don’t wish to retain your leased/owned space, then it’s time to get in touch with us! With housing very much in need locally in West Michigan, converting office space to residences—or even hotel rooms—seems like a no-brainer. But, in our experience, it’s not always that simple. Parking is a big consideration, as is the size of the floor plate. A wide-open office may be difficult to section off in ways that allow for adequate windows or other appeals, such as balconies. Multi-family housing could be an option, but, again, converting office space really is a case-by-case situation.
With these kinds of projects, it’s important to bring in an experienced contractor. The knowledgeable team at Honor can come to your space and provide an on-site assessment. Additionally, we can brainstorm with you some ideas for how to repurpose your space, while also detailing the pros and cons!
Like every project, the key to success is upfront, strong communication and discussion with you to understand exactly what you want. We can look at the needs of the community and examine the costs involved, provide advice on what is realistic from a construction viewpoint, and help guide the final decision.
Let’s brainstorm together! Contact us today or call 616-214-8592.
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