It's human nature to always search for the next big thing, to constantly try to improve one's condition. This applies to an employee seeking a promotion, a consumer who constantly purchases new cars and to businesses looking for a new Dallas office space.
Unfortunately, circumstances usually dictate that these "wants" go unfulfilled. In the case of the third example, many businesses simply do not have the financial resources to lease a high-end, spacious Dallas office space, which has led some to double down on the spaces they do have, through renovations and improvements.
Renovations, made possible through refinancing, are part of a nationwide trend that has taken hold in the housing industry since the housing bubble burst in 2007, and the same principles appear to be steering business owners toward reinvesting in their current spaces instead of moving into new ones - budgets are simply too tight to allow for it.
In Las Vegas, for example, commercial real estate firm CEO Frank Gatski recently told local news source Vegas Inc that he has invested $400,000 in improvements to his office space, in the form of build-outs, new technology, an employee lounge and a light-up map of the city.
"We did it for a couple of reasons," Gatski said. "We had a great 2011 as far as business goes. I could either stick that money in my pocket or reinvest it back into the company. We needed more functional space, so it made sense to make changes. My team is the most important commodity. Plus, I feel like we got the most bang for our buck in this type of economy."
Even though Las Vegas has been battered by the recession more than many cities, this trend toward renovation is hardly confined to one city. As regular readers of TheSquareFoot know, Dallas's economy has been able to weather the recession better than many of its peers, possibly allowing many more business owners to make an office space move. But, why not at least consider renovation first?