A serviced office is similar to a traditional office of any corporation except for the fact that they are rented out. Serviced office spaces are fully furnished spaces with amenities that can match high-end corporate offices. These office spaces are rented out as single service offices or whole floors. When someone rents such spaces, they have instant access to the private and ready-to-use office.
Serviced office spaces are also known as business centers, managed offices, or executive offices. No matter the name, they are one and the same thing. These spaces are owned by companies that are in competition with one another. The level of amenities or ambiance you will receive with a serviced office space will depend on the company you rent it from. The responsibility of maintaining these spaces lies with the company that rents them out. So, companies or individuals using their services have one less thing to worry about.
Due to the recent changes in the corporate world due to the pandemic. More and more businesses are looking towards flexible working environments. While conventional office spaces need to be bought or leased for long periods of time. Serviced office spaces, on the other hand, are very flexible. Meeting rooms in these offices can be had for an hour.
The services and amenities provided in serviced office spaces differ from company to company. But here are a few things they usually provide:
- Conference/meeting room.
- Front desk/receptionist.
- Office furniture.
- Internet connectivity.
- Coffee machines (some even a complete full kitchen).
- Heating and air conditioning.
- Stationary equipment and support.
- Telecommunication equipment.
- Office cleaning services.
Benefits of Serviced Office Spaces
- Short-term flexibility
These fickle times have proved that businesses may have to downsize or expand their workforce on short notices to stay afloat. Since serviced office spaces provide monthly contracts, businesses can remain agile. They can adjust to accommodate more employees by moving to bigger offices or taking multiple floors. If they have to downsize their workforce, they can save money by using fewer office spaces.
If a business has to change office locations, they can simply change move into another serviced office space. There is no hassle of moving furniture, and most importantly, there is no downtime. This saves money because you do not have to hire movers. This also makes money because your business does not have to go idle. In this fast-paced economy, one day of downtime in certain sectors can drown a business.
Serviced offices are flexible in terms of office equipment and facilities as well. They have pay-as-you-use office equipment and facilities. That means you pay for the printer only if you use it. Expensive equipment investments are pointless if your business hardly uses them. You do not need to buy a printer just to print one paper each week.
- Ability to decentralize
The rise of serviced office spaces has allowed businesses to have a physical presence in multiple locations easily. If a business were to lease a new traditional office, it would need a huge amount of capital. They would have to furnish the new office. There are little things like having to get a connection for the new space as well. These are both time-consuming and costly.
Now, if the same business were to move into serviced office spaces, they could start working from day one. They would have to spend no extra time or money to move into the office. The only thing they need to account for is the rent. The removal of all the little expenses also makes bookkeeping easier.
Since serviced offices are popping up everywhere in the world. Businesses can have multiple offices in a city, in a city, or around the whole world. If for some reason they choose to reduce the number of serviced office spaces that they have rented. They can do that easily too. Whereas, selling or getting rid of a traditional office is time-consuming and costly as well.
- Experienced administrative staff
These office spaces come with a front desk receptionist and some fully trained staff. The receptionist will receive guests and business associates for you. He/she will direct people you are expecting to the floors or office spaces you rented. If you or your employees need to mail something or get office supplies, there are staff for that too. All your administrative needs will be covered by the company that owns the serviced office spaces. As maintenance responsibility does not lie with you. You do not need to worry about maintenance staff and janitorial staff as well.
- Networking opportunities
The location your business is situated in determines the opportunities you will be exposed to. These office spaces are used by other influential companies and corporates. Also, business centers are usually located in business districts. That is why in serviced office spaces, you will find yourself being neighbors with like-minded people that you can collaborate or work with. For example, if you own a marketing agency, you can market the products or services of your neighboring company.
Serviced Offices vs Coworking Spaces
A serviced office can be rented as a coworking space if a single office space is rented to several individuals or startups. That said, the main difference between a coworking space and a serviced office is that a coworking office space is used by multiple entities at the same time. That is why coworking spaces are more attractive to entrepreneurs or freelancers that thrive on a collaborative culture.
Here are a few other ways coworking spaces differ from serviced offices:
- They offer no administrative staff.
- They have shorter renting options.
- They are more affordable and flexible.
- They have less privacy and confidentiality.
As there is competition between companies to produce the best-serviced office spaces. Some spaces will boast gyms, event centers, onsite restaurants, game zones, and much more. These features do not make the offices more expensive because they are usually pay-as-you-use services. For all these reasons, more businesses are flocking to these flexible options every day.