We are aware of coworking spaces, traditional office spaces but there are other parallel terms in the industry that define different levels of flexibility and agility to the business, one of which is the serviced office spaces. Now, what are serviced spaces and how do they benefit your business?
The answers to these questions will be explained better in this blog. You will be able to get along with the terms and thus, will understand which type of space is beneficial to you in terms of your business.
What are Serviced Offices?
Serviced offices are fully equipped and furnished office spaces that are ready-to-use. Also labelled as executive office or administrative centre, serviced offices unlike traditional offices are even provided with internet and telephone facilities.
Serviced offices are through third party service providers and hence are located in the business areas. The third party is usually responsible for the maintenance of facilities. They come with a very flexible and short term contract making it a suitable choice for the freelancers, project based workers and small businesses.
Let us understand the global market stats and benefits:
Serviced spaces are highly popular because of their benefits. Companies, startups, freelancers, everyone to an extent is benefited with serviced spaces. Here are some listed ones:
A ready made infrastructure
Most helpful factor that draws the attention of business holders is ready made infrastructure. Since serviced offices are all furnished, the operators even provide you the internet and telephone services making it highly feasible and convenient. Besides, there is no wastage of time and money.
Flexible and short term leases
One such benefit of serviced spaces that make it stand out of the row are the short term contracts. It can work as a temporary fixture for the large workspace or a place for your startups, or freelancing, etc.
Cost effective
No one can deny the fact that serviced spaces are real time and money saver. You get equipped with everything and anything which makes it even more convenient and cost effective. Other maintaining responsibilities are on the third party.
Now, speaking of the statistics, the serviced office market size was 33.3 billion dollars in 2022, which jumped to 39.49 billion dollars showing an annual growth of 18.6%. A survey states that this size is expected to grow to 74.21 billion dollars by 2027 that is CAGR of 17.1%
How are serviced offices streamlining businesses?
The growth of different businesses regardless of the background and subject matter is known to us all. This growth has initiated the growth of many different aspects in the real estate industry including coworking spaces, shared offices and many more. Considering the business demands and wants, businesses opt for the suitable space.
The expansion of the serviced offices is thus widely contributing in the business revolution where it is changing the approach of the companies and employees towards work and streamlined the growth of all kinds of enterprises.
We are well aware of the benefits of serviced spaces and how it is a potential option for your business growth.
Serviced spaces are the first choice and priority for freelancers, project based professionals, small and medium businesses and even the flourishing ones.
The idea behind this is that serviced spaces are highly effective and give you peace of mind as you and your company don’t really have to get into maintenance at all.
It is obviously your needs that decide but you can tally and understand the better choice.
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