Simply put, a serviced office is a space that you can use from the get go. It is ready for you from the day you move in, be it the utilities, amenities, furniture, or maintenance and running of the space. You don't have to add your blood, sweat, and tears to the structure. Just bring your innovative business with you! The market for serviced offices is expected to grow at a compound annual growth rate of 18.6%, from $33.3 billion in 2022 to $39.49 billion in 2023 . This shows that the demand for serviced coworking spaces is rising, and it's time to jump on the bandwagon.
Serviced offices are available on flexible, short-term, or rolling lease terms. Unlike other traditional office spaces that force you to enter into five to ten-year lease contracts, this space gets you all the necessities without the long-term commitment. Moreover, you can also choose from a wide variety of the types of serviced office spaces available to you. These include hot desks, dedicated desks, private office suites, virtual offices, enterprise offices, and other coworking spaces.
Often these spaces provide access to the following amenities;
Fully furnished office
Heating / Air-conditioning
Breakout areas and kitchens
Meeting rooms
High-speed Internet
Parking facilities
Office staff
Maintenance and office management
Packed within the serviced office bundle, you would often find;
If you are a business that likes to situate itself in the city hub, you can let a serviced office place you wherever you want to be. Don’t forget, access to a central location is also great for your employees as it cuts down on their commute. It is also ideal for your clients and leaves a great first impression!
Although a serviced office may sound like a foreign concept at first, once you become accustomed to it you may begin to realize all the overhead costs you save. Your office space comes with the furniture, accessories, and management staff. Moreover, even if you need to hire from all around the globe, it is possible to do so without heavy infrastructural investment.
The biggest advantage of this setup is that you receive flexible lease terms. You can rent the space short term and move on to another one if the location doesn’t serve your needs. You can also downsize as per your requirements.
You don’t need to worry about the evolving demand for different kinds of utilities in your office space. Your employees already receive all the convenient amenities such as an ideal desk space, break out rooms, kitchen facilities, and much more.
Want to increase or decrease your workspace? Entering a growth period? With a serviced office space, it is much easier to grow your space and back off from the decision without experiencing drastic changes in your financial statements.
The nature of workspaces is changing and there’s a lot more on the horizon. Yet, it is wise to ask whether you are up for the change. Is a serviced office the right decision for you? Here are some business models that align with serviced offices;
Are you a business that has recently decided to enter the market? This office space is the perfect choice for you, amongst turbulent financial and growth periods.
You might not have just entered the market, but your business may still be going through changes. This could be ones triggered by the pandemic or more internal in nature such as diversification or new product launches and expansion to different countries. Coworking spaces are an ideal choice for you!
Have you, like many other businesses, chosen the flexible work route? Are you providing your employees with the option to avail a hybrid or remote work schedule? Serviced offices are the best choice for you.
Serviced offices may seem expensive at first glance, but they do end up saving you a lot more. You don’t need to worry about the additional expenses such as the management, broadband, heating, insurance, and security. It is all inclusive! Keep in mind that your serviced office is going to be licensed. It means you can avoid the typical lease and the expensive fees associated with it. It also means that you can save on the cost you would incur for wasting extra space.
This works in the following way; you choose a setup that would work best for you, such as hot desks, dedicated desks, or a private office space and would essentially pay for the space you use. Often, businesses end up paying a fee per square foot which works out best for larger businesses. Worrying about being tied to an agreement? Most serviced offices allow you to work according to your preference. You can renew the terms whenever you like and don’t need to be tied to anything.
So, you have decided a serviced office is the right choice for you. But, how do you decide which one? Here are some tips that can help you make the right decision;
