A serviced office is a type of office that has all the facilities and is equipped by the employees who require a workspace on rental basis. It is managed by the office providers, and the serviced office broker will help business owners by renting these buildings. These buildings are commonly found in the central business district of huge cities around the world. Workspace is usually convenient, flexible and allows an additional place to be equipped too.
The companies offering serviced offices often have flexible rents. It is more or like a virtual office that provides services like dedicated receptionist, administrative support, and WiFi connectivity. The workers who approach these offices are startups, small to medium companies, and project-based companies. The facilities provided by a serviced office are meeting rooms, conference rooms, air conditioning, full-time security and insurance.
Serviced offices vs Conventional office
Conventional offices are similar to the serviced offices when it comes to the facility. There are many differences between them. You have no setup cost and can directly equip the serviced office space once you have paid, whereas conventional offices require an average setup time of six to nine months. The serviced offices are found in central commercial locations and have short-term flexible agreements over the conventional office. Technology and environment are the two major factors that all the business people look upon. The serviced offices provide world-class technology and have an environment that works collaboratively. On the other hand, conventional offices have limited technology, and the atmosphere is restricted depending on the size of the company.
Advantages of serviced offices
- Rental terms are flexible and for a short time. So the contracts are briefly about one month. The spaces they are providing either expand or reduce on short notice. This seems to be an ideal choice for businesses that remains agile.
- Businesses mainly equip these buildings as they have all the facilities pre-equipped and need to pay money only for the space they need. This helps you more financially and makes you focus on business priorities.
- It supports a manageable budget as there are no hidden costs. These offices have facilities from the meeting room to lunch areas. It also has 24/7 internet connectivity. There is much additional pay as you use facilities and services too.
- You can find business centres and executive offices all around the world. These centres give you a variety of opportunities to establish an image of your business. Serviced offices help to set up an address that allows you to share location and get access to the market functioning around the world.
- It has low or no setup costs and you can equip the office immediately.
- Receptionists are provided for assistance. If you have a problem, you can ask questions whenever you want. They’re accessible anytime.
- Building maintenance is also included.
- It comes in two packages .i.e. bundled packages and unbundled Packages.
Disadvantages of serviced offices
- Sometimes they tend to have higher rents compared to conventional office
- Many serviced offices give an unbranded impression.
As serviced offices are located in premium addresses, many businesses tend to invest in these buildings. Our work and life balance become more efficient as it provides all the facilities pre-equipped and has no setup cost.