Global Serviced Office Market Size Is Projected to Reach USD 32.9 billion by 2021, at a CAGR of 21.9% Over The Forecast Period

Global Serviced Office Market Size Is Projected to Reach USD 32.9 billion by 2021, at a CAGR of 21.9% Over The Forecast Period

It is a type of space that is rented to utilize the space and services of that particular area or space. Along with the space, you get access to use the various services, such as telephone, reception and mail-handling support system. It also offers the facilities like meeting rooms and breakout space. 

Serviced offices are alternative to conventional offices since many businesses are looking for flexible commercial property with virtual offices. Unlike the long leases, there are no hidden charges like maintenance and facility costs. It offers transparent, all-inclusive fees. On a monthly lease, you are provided with access to office space, secure office space for the remote team around the world and a business opportunity to scale up your business.    

Primary Benefits of Serviced Office:

Flexibility:

A traditional office requires a lot of arrangements with the landlord and service providers. Most of these providers don’t allow for flexibility and often charge you more for the additional services such as internet, electricity, cleaning and maintenance etc.

Unlikely with a serviced office, the landlord takes care of all these services, and you just have to pay just monthly leasing fees.

Space Management:

In the serviced office, the service provider manages the space. That means, when you enter the office the first time, you will get all the facilities and a fully furnished office with internet connections. This will allow you to start work from the first day.

You don’t have to source the cleaning staff, as surviving providers take care of all cleaning and ensure that the office will get the continuous electric supply.  

Productivity:

Serviced offices are designed in such a way, where you can keep your team productive and engaging in the work. With the private office space, your employees stay focused on the tasks at hand, and they don’t get any distraction from a shared co-working space. 

Besides, the most serviced office also has food vendors and free-flowing coffee on-premises, which provide easy access that doesn’t require going downstairs.

Professional:

In the serviced office you will get all the necessary facilities, which will give a professional edge to your business. 

Most of the spaces will provide you with projectors, event space, conference rooms for networking and collaboration.    

They also handle the phone calls and emails through their front office reception area. So you can easily impress your guests with your professional office space. 

Networking and Engagement:

In the serviced office, you will find like-minded people and businesses. Sharing the space allow natural interaction among like-minded creative minds. Chances are there, here you may find your next business partner, or you will find a person who can give advice on how to grow the business. 

This place offers an opportunity for employees to mingle with each other during stressful hours and get stress relief.     

Final Take Away:

When sourcing for workspace, the serviced office space has become highly popular and commercially recognized. It has been growing rapidly due to increasing demand. A serviced office space gives an opportunity to scale up their business, who doesn’t have a huge budget to invest into the space initially, such as small businesses, start-ups and small corporations. 

Due to its growing popularity, the Global serviced market is projected to grow from USD 27 billion to USD 32.9 billion by 2021, at a compound annual growth rate (CAGR) of 21.9%.

For young entrepreneurs, serviced office place is an ideal place to discuss new ideas and turn the ideas into reality.  

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