Why I Am Passionate About Supporting Real Estate Leaders with Early Office Budgets for Board Approval

In the world of corporate real estate, there’s one conversation that rarely gets the attention it deserves: the importance of early, robust budgeting for office fit-outs and relocations. It’s not glamorous. It’s not headline news. But for the leaders tasked with planning these high-stakes projects (Heads of Real Estate, Workplace, and Facilities Management) it’s often the difference between a smooth project and a painful, career-affecting up hill slog.

I’ve spent the last 16 years deep in the trenches of office fit-outs and cost consulting, and one thing hasn’t improved in all that time: too many office projects are set up to fail because the initial ‘board’ budget was rushed, vague and often wrong.

This is exactly why I’ve made it my mission to support real estate leaders with clear, credible board-ready early-stage budgets sometimes years before a design team is appointed.

The problem no one talks about

In most companies, the decision to move or refurbish an office starts with a question: “How much is this going to cost the business?” That question gets thrown at workplace leaders / facilities managers who often feel out of their depth, as it’s the biggest workplace project they’ve managed to date. It’s a huge responsibility to draft the initial project budget. They understand that they will be held to account and cost overruns down the line will potentially damage their relationship with the board. With little to no information available, it can be a real struggle for a real estate leader to prepare an office moves budget, filled with anxiety and worry.

What happens next is predictable. A ballpark number is thrown together, often influenced by old benchmarks, basis often optimistic assumptions, or worst-case scenarios. That number makes its way to the board, gets locked into the business case, and becomes the baseline expectation.

Months later, when the design develops and real costs emerge, the budget doesn’t hold up. Cue value engineering, delays, awkward conversations with procurement, and tense meetings with the board where you try to explain ‘scope creep’ and request additional budget.

It doesn’t have to be this way…

Real estate leaders deserve better support

I’ve refined and honed my personal mission over the past few years because I saw how exposed real estate leaders can feel in those early budget conversations. You’re not just guessing costs, you’re trying to make a major capital decision under pressure, with limited data, with the potential for a big impact on you internal credibility, potentially good or bad.

You’re dealing with:

• Short timeframes to respond to board-level questions

• Conflicting stakeholder expectations

• Vague assumptions and inputs from various business heads

• And often, no internal precedent/framework for similar projects

What you really need in that moment is someone who understands what’s coming down the line and can help you budget for it, and frame it in a way that the board will understand and encourage them to trust you.

A budget is more than a number, it’s a leadership tool

A robust early stage office budget doesn’t just answer “how much will it cost?” It does much more:

• It builds trust with your board and wider leadership team

• It clarifies your basis, assumptions, exclusions and risks

• It helps manage stakeholder expectations early

• It creates a foundation for better decision-making at every step

• It creates a transparent baseline for future reporting on cost

• And perhaps most importantly for the individual, its an opportunity for you to demonstrate your ‘value’ to the business and the board, that you have the skill and abilities to successfully deliver large capital projects.

When done properly, a board level budget becomes a strategic tool that gives you, the project owner, more control and credibility. It allows you to push back on unrealistic timelines. It helps you plan procurement intelligently. It signals to your internal stakeholders that this project is being run professionally from day one.

I’ve seen what happens when you get this right

When I support clients early before they’ve found a building and committed to a lease - the whole process changes. You’re no longer reacting. You’re leading. Unlike most clients I work with you are ‘ahead of the curve’ and able to proactively ask the right questions because you have your house in order.

In one case, I worked with a closely with the Head of Facilities for a large global news and media company that were moving into 125,000ft2 of space in London. They reached out early, and we supported him and his team with a robust cost model for the entire project, a good 18-months before the project kicked off. It was going to be a complex cut and carve project re-using as a lot of the existing fabric, and whilst the overall spend was high, in the 10’s of millions, the cost per sqft was low, so we couldn’t afford to be wrong. Working closely with the facilities team, we prepared a board ready budget document which was approved.

Notwithstanding copious amounts of design changes post contract (199 variations), the final account project costs ended up within 8% of the initial approved project budget prepared 2-years earlier. Having the right approved budget allowed the professional team and client to focus on solving the key problems, rather than worrying about reporting overspends to the board.

That’s the impact of credible early budgeting.

Why I care so much

So, why am I so passionate about this?

Because I’ve seen too many talented leaders backed into corners by flawed early assumptions and poor project budgets. I’ve watched boards lose trust in projects because the numbers moved too much. I’ve seen great design visions from signature architects watered down to bland and generic schemes because the budget wasn’t setup correctly to match design aspirations.

When I give real estate leaders better tools, better data, and a framework for early-stage budgeting, they deliver better projects and protect their own credibility in the process.

Helping you succeed in those early conversations isn’t just about the numbers. It’s about helping you navigate internal politics, align stakeholder expectations, and get the breathing room you need to deliver something great.

Final thoughts

If you’re in the early stages of planning a move, or just want a second opinion on what numbers you’re taking to the board, I’m always happy to talk and share my framework.

Have a project on the horizon?

Check out my free resources to help you prepare a robust budget for board approval. (Including a free excel budget template and check list).