One of the largest serviced office markets in the world is found in Bangladesh, and by 2025, industry projections place its value at over 150000. What businesses desire and need from their office space has significantly changed over the past five years, along with workspace trends.
with a stronger emphasis on creating an inspirational work environment, a focus on the wellbeing of the team, and the chance to gain from working in tandem with organizations that share similar values.
The demand and supply for serviced offices, managed offices, and coworking spaces are higher than ever because to the flexible workspace market’s adaptation to the evolving trends, which has led to exponential annual growth since 2014.
It is therefore fairly obvious that serviced offices will persist. In fact, it’s expected that the serviced office market will expand in light of the expanding number of start-ups and the change to a more flexible style of working.
And with that in mind, we wrote this post to provide all the information you require regarding serviced offices. Let’s dive right in and get going.
Benefits Of A Serviced Office Space
A serviced office space is a fully furnished and equipped workspace that is managed by a third-party provider. Here are five benefits of opting for a serviced office space:
- Flexibility: Serviced office spaces offer a high level of flexibility, making them an excellent choice for businesses of all sizes. This flexibility is particularly beneficial for startups, freelancers, and companies experiencing rapid growth or uncertain future space requirements.
- Cost-Effectiveness: One of the primary advantages of a serviced office space is its cost-effectiveness. The rental fees usually include various services, such as utilities, cleaning, maintenance, and IT infrastructure.
- Professional Image: Serviced office spaces are often located in prime business areas, providing your business with a prestigious address that can enhance your professional image and reputation.
- Time-Saving: A serviced office eliminates the need for setting up and managing an office from scratch. The space is already fully furnished and equipped with essential amenities and services, allowing you to move in and start working immediately.
- Networking Opportunities: Sharing an office space with other businesses and professionals can foster networking opportunities. The sense of community in a serviced office can also provide a supportive environment for startups and entrepreneurs.
Overall, a serviced office space offers convenience, cost-effectiveness, and networking advantages, making it an appealing option for many businesses seeking a flexible and fully equipped workspace.
8 Ways Renting A Serviced Office Can Save You Money
Renting a serviced office can provide several cost-saving benefits for businesses. Here are eight ways a serviced office can save you money:
- No Long-Term Lease Commitments:
Traditional office leases often require long-term commitments, which can be financially burdensome, especially for startups and small businesses.
Serviced offices offer flexible lease terms, allowing you to rent the space for a short period, thereby avoiding the expenses and risks associated with long-term commitments.
- All-Inclusive Pricing:
Serviced offices typically have all-inclusive pricing, bundling various services and amenities into one monthly fee.
This means you won’t have to deal with separate bills for utilities, internet, cleaning, and maintenance. The transparent pricing structure allows for better budgeting and eliminates unexpected costs.
- No Initial Setup Costs:
Setting up a traditional office can be expensive, as you need to invest in furniture, IT infrastructure, and other office essentials.
With a serviced office, everything is already set up and ready to use. This saves you the upfront costs of furnishing and equipping the workspace.
- Shared Resources:
In a serviced office, you share common areas and resources with other businesses occupying the same space.
This includes meeting rooms, reception services, and kitchen facilities. Sharing these amenities reduces individual expenses while still providing access to professional facilities.
- Lower Overhead Costs:
Serviced offices often operate in prime locations where the cost of leasing a traditional office would be considerably higher.
By choosing a serviced office in such locations, you can benefit from a prestigious address and access to a well-equipped workspace at a fraction of the cost.
- Reduced Staffing Costs:
Serviced offices usually have on-site administrative and support staff provided by the office management. This means you won’t need to hire additional receptionists or support personnel, leading to savings on payroll and related expenses.
- Maintenance and Cleaning Included:
Maintenance and cleaning services are typically included in the monthly rental fee of a serviced office. This saves you the hassle of managing these tasks and the additional costs associated with hiring external services for maintenance and cleaning.
- Scalability:
If your business experiences fluctuations in staff numbers or requires temporary workspace for projects, a serviced office allows you to scale up or down as needed.
You can easily rent additional desks or office space for a short period, avoiding the financial burden of a larger, fixed office.
By leveraging the flexibility, shared resources, and cost-effective nature of serviced offices, businesses can significantly reduce their overall operational costs and allocate resources more efficiently.
The 5 Best Reasons To Rent a Serviced Office
Here are the five best reasons to consider renting a serviced office:
- Flexibility and Scalability: Serviced offices offer unparalleled flexibility in lease terms, allowing you to rent the space for short periods or longer durations.
This adaptability is ideal for businesses with fluctuating space requirements or those experiencing rapid growth. You can easily scale up or down as needed without being tied to long-term commitments.
- Cost-Effectiveness: Renting a serviced office can be a cost-effective solution compared to traditional office spaces. The all-inclusive pricing model covers essential amenities like utilities, internet, cleaning, and maintenance.
By avoiding the upfront costs of furnishing and equipping a traditional office, you can allocate your resources more efficiently and focus on your core business activities.
- Ready-to-Use Infrastructure: Serviced offices come fully furnished and equipped with modern amenities, including office furniture, IT infrastructure, and shared facilities like meeting rooms and kitchen areas.
This allows you to move in and start working immediately, saving valuable time and effort in setting up the workspace.
- Access to Professional Services: Many serviced office providers offer additional business support services, such as receptionists, administrative assistance, and IT support.
Having access to these professional services can help streamline your operations, enhance productivity, and create a more professional image for your company.
- Prime Business Locations: Serviced offices are often located in prestigious business districts and commercial centers, providing your business with a prestigious address.
This can enhance your brand’s reputation, make a positive impression on clients and partners, and open up networking opportunities with other businesses in the area.
Renting a serviced office offers the advantages of flexibility, cost-effectiveness, ready-to-use infrastructure, access to professional services, and a prime location.
These benefits make serviced offices an attractive option for startups, small businesses, and companies looking for an agile and efficient workspace solution without the burden of long-term commitments and upfront expenses.
Differents Between Serviced Office & Managed Office
Serviced Office and Managed Office are both types of office space solutions, but they have some key differences in terms of the services and arrangements they offer to businesses. Here are the main differences between the two:
Serviced Office:
- All-Inclusive Services: A serviced office provides fully furnished and equipped office space with all-inclusive services. The monthly rental fee typically covers utilities, internet, cleaning, maintenance, and access to shared facilities like meeting rooms and reception areas.
- Flexibility: Serviced offices offer short-term lease options, allowing businesses to rent the space for as little as a day or as long as several months. This flexibility is ideal for startups, freelancers, and businesses with uncertain space requirements or rapidly changing needs.
- No Upfront Costs: The office space comes fully furnished and ready to use, eliminating the need for businesses to invest in office equipment upfront. This can be cost-effective, especially for businesses that don’t want to commit to long-term leases or spend on setting up an office from scratch.
Managed Office:
- Customizable Spaces: A managed office provides office spaces that can be tailored to the specific needs and preferences of a single tenant. The tenant has more control over the layout, design, and branding of the office space.
- Long-Term Leases: Managed offices typically involve longer-term lease agreements, ranging from several months to several years. They are more suitable for businesses that have a stable and predictable space requirement.
- Tenant Responsibility: Unlike serviced offices, managed offices require the tenant to take care of office-related services, such as setting up utilities, cleaning, and maintenance. The tenant has the flexibility to choose and manage service providers as per their requirements.
The main differences between serviced and managed offices lie in the lease terms, services provided, level of flexibility, and the degree of control and customization allowed.
The choice between the two depends on the specific needs and preferences of the business in terms of budget, lease length, and desired level of service.
Estimate Costing Of Serviced Office Space
A general estimate of the pricing for serviced office space in different categories of locations:
- Basic Locations: In less central or suburban areas, the cost for a single workstation in a serviced office can range from $300 to $700 per month.
- City Center Locations: In prime business districts or city centers, the cost for a single workstation can be higher, ranging from $700 to $1500 or more per month.
- Executive Suites: High-end serviced office spaces with premium amenities and prestigious locations can cost upwards of $1500 to $3000 per workstation per month.
For the most up-to-date and accurate pricing information, I recommend contacting serviced office providers directly or checking their websites for the latest pricing details and special offers.
Is There An Additional Cost For Serviced Offices?
There are instances where extra costs may apply. Some of the common additional costs to consider include:
- Additional Services: While basic services like utilities, cleaning, and maintenance are typically included in the rental fee, some serviced office providers may offer optional add-on services at an extra cost.
- Meeting Room Usage: While many serviced offices provide access to shared meeting rooms as part of the package, there might be charges if you exceed a certain number of hours or need to book a more specialized meeting space.
- Virtual Office Services: If you opt for virtual office services like mail handling or call forwarding without physically occupying the serviced office, these services might come with separate fees.
- Special Amenities: Some serviced office providers offer premium amenities or access to exclusive facilities, such as on-site gyms, cafes, or rooftop spaces. Availing these facilities may incur additional costs.
- Extra Workstations: If you need additional workstations beyond what is included in your package, there could be additional charges per workstation.
It’s essential to thoroughly review the terms and conditions of the serviced office agreement and discuss any potential additional costs with the provider before signing the contract.
Understanding the full scope of services covered by the monthly fee and any potential extra charges will help you budget accurately and avoid any unexpected expenses.
Why Do People Use Serviced Office Space?
People use serviced office space for various reasons, and it has become a popular choice for businesses of all sizes and industries. Here are some of the main reasons why people opt for serviced office spaces:
- Flexibility: Serviced offices offer a high level of flexibility in terms of lease duration. They allow businesses to rent office space for short periods, such as a few days, weeks, or months, as well as longer-term options.
- Cost-Effectiveness: Renting a serviced office can be cost-effective compared to setting up a traditional office space. This all-inclusive pricing model allows businesses to avoid upfront costs associated with furnishing and equipping an office.
- Professional Image: Serviced offices are often located in prime business districts and prestigious areas. By renting such a space, businesses can have a prestigious address, which enhances their professional image and credibility among clients, partners, and investors.
- Access to Services and Support: Serviced office providers often offer additional services, such as receptionist support, administrative assistance, IT support, and mail handling.
- Networking Opportunities: Sharing a workspace with other businesses and professionals can create networking opportunities and potential collaborations. The diverse community in a serviced office can lead to valuable connections and partnerships.
Overall, people use serviced office spaces for their convenience, cost-effectiveness, flexibility, and the range of services provided, making them an attractive option for a wide range of businesses and professionals.
Conclusion
Serviced office spaces have become a popular and practical choice for businesses and professionals looking for flexible, cost-effective, and fully equipped workspaces. These spaces offer a range of benefits, making them an attractive solution for various needs and circumstances.
The flexibility of serviced offices allows businesses to rent space for short periods or longer durations, accommodating changing space requirements and uncertain growth trajectories. This adaptability is particularly valuable for startups, freelancers, and businesses seeking agile workspace solutions.
Moreover, serviced offices often boast prime locations, offering businesses a prestigious address that enhances their professional image and opens up networking opportunities with other like-minded companies and professionals.
