A serviced office is a furnished and fully-equipped pay-as-you-use space within a building managed by an operator. Operators rent single offices or whole floors out to businesses, giving them access to fully-operational office space on flexible terms. Also called executive offices, managed offices or business centres, serviced offices are part of a rising global shift towards more agile ways of procuring office space.
As opposed to the hidden costs of conventional leased office space, which might include maintenance, facility costs, furnishing and equipment installation, serviced offices are ready-to go, fully kitted out and provide transparent monthly fees, enabling businesses to scale up or down as required.
Key Benefits of Serviced Offices
1. Flexible, short-term leases
Serviced office rental terms are flexible, and many spaces offer contracts for as briefly as one month. This is ideal for businesses looking to remain agile and work in a space that can expand or reduce at short notice in line with their business plan.
2. Cost-effective with no downtime
You only pay for the space you need in a serviced office, and most spaces are furnished and pre-cabled, giving you access to high quality equipment and ensuring no downtime while moving in. This can free up extra cash for other business priorities.
3. Access to all the facilities needed to run a business
In addition to fully staffed reception desks, kitchens, lunch areas, cleaning and maintenance services, meeting rooms, networking spaces and other facilities that come standard with your space, you can also access pay-as-you-use services and facilities. There are no hidden costs, which allows for easy budgeting.
4. Access to new markets
Business centres, executive offices or serviced offices are available in a huge range of locations around the world, giving users a wide choice when it comes to establishing a base. This gives businesses the opportunity to set up at an address that would otherwise be unaffordable, and provides access to business centres around the world.
According to industry research, by 2016 the flexible office market totalled more than 21 billion dollars globally, with both the UK and US experiencing double digit growth and the market in Hong Kong increasing by 50%.
Largest serviced office markets:
• UK – 32%
• USA – 27%
• EMEA – 22%
• Asia Pacific – 15%
Companies that manage serviced offices are responsible for maintaining the facilities and accommodating businesses, whether a single office is needed, or adjoining offices are combined for a larger number of employees, spaces can be configured for the best results.