It’s exciting to get the specs for a new fit-out project and imagine how the finished space will bring the design to life. It may not be so exciting to see the price tag associated with building to those specs exactly as they have been described.
What Is Value Engineering?
Value engineering is an approach and methodology that is based on the idea that you can cut costs on projects like tenant fit-outs without compromising quality. When you work with a construction company that focuses on value engineering, one of the first things they will do is conduct a functional analysis of the space to see what elements can be salvaged, repurposed, or substituted for similar elements that serve the same function at a lower price point.
Benefits of Value Engineering
This approach can be a game changer in tenant fit-outs, providing the following benefits:
Enhancing the functionality of the space. Value engineering is all about maximizing functionality while minimizing cost. While the option to spend less money on a fit-out project is always welcome, beyond this obvious benefit value engineering places the emphasis squarely on strategizing and finding ways to make the space work better. The end result is not only a more budget-friendly project, but one that more efficiently fulfills its intended purpose.
Fostering a positive and innovative approach. The focus on creativity and resourcefulness sets a tone for the project that encourages out of the box thinking and an openness to considering new ways of using existing structures and elements or alternative ways of achieving the desired goal. Ultimately, this pays off as innovation is incorporated into each phase of the project.
Creating new options within the same budget. Because value engineering delivers the same quality and functionality with less expense, it frees up the project budget, making it possible to consider expenditures that might not otherwise be affordable. Saving $50,000 because the functional analysis has determined that some of the existing walls can be utilized in the fit-out instead of being demolished and replaced with all new walls could mean having the funds to invest in something on your project wish list that was not originally an option.
Accelerated timelines. When project plans are simplified and unnecessary expenditures are cut out, it frees up time and can expedite project completion, paving the way for a fit-out that comes in early as well as under budget.
When seeking a construction company to handle your next tenant fit-out, make sure that they are well-versed in value engineering. At A.F. Alber, we’re known for our expertise in value engineering, and have built a reputation as an industry leader in developing innovative solutions to deliver maximum quality with minimal cost. Give us a call today to learn how we can add value to your fit-out from day one of the project.