A ‘serviced office’ is also known as ‘business centers, executive centers or suites and managed offices’ in different parts of the world. Typically found in the major business districts of major cities around the world, a serviced office can be a large office space or an entire building that is serviced and managed by a facilities management company, which rents individual office cubicles or floors of a business building. and companies. Serviced offices range from sizes that accommodate a single person to groups of people in a single office space or adjoining spaces, depending on the size of the workspace and the business requirements.
This is why an office is essentially known as a ‘pay as you go space’.
Unlike leased spaces, where the company not only pays the lease, in some cases on a three- to five-year contract arrangement, and equips them with infrastructure such as chairs, desks, workstations, telephone instruments, printers, machines fax machines, photocopiers, conference and meeting room equipment, etc., a serviced office generally provides the essential facilities and services that a company needs to do business. Certain areas such as the reception, the pantry, the kitchen and the public services can be shared by the companies that use the facilities. In addition, some serviced offices or business centers provide IT support services and recruitment services to assist serviced office tenants.
Shared infrastructure provided by a serviced office or business center includes:
• Facilities and work space
• Flexibility
• People
• Technology
Serviced offices offer many advantages up front, including:
• The location of the office in the main commercial district: helps to convey a good impression about the company, which improves its reputation.
• Experienced office customer service and support team – A body of experienced staff, such as reception, secretarial, IT support, office maintenance, etc., is ready to keep the workspace running efficiently. There is a double-edged advantage in not having the need to hire employees and managing the hassles of recruiting and retaining staff.
• Space ready to go in a snap – allows more focus on business activities without having to worry about setting up office infrastructure from scratch
• Simpler and easier lease documents: Unlike leases in commercial buildings and office space, workplace office contracts are very ‘user friendly’ without intricate legal details; Plus, there are no stamp duties involved to record documents, saving costs.
• Flexibility in tenancy: Long-term leases limit the flexibility to keep the business in a current location for a specific period of time. If a business experiences a recession, an expired agreement may cost more in additional expenses. Serviced offices offer the benefit of usage that can last anywhere from a month to a few weeks to a year, with long-term usage options thereafter.
• Ideal for both start-ups and rapidly growing businesses: For a start-up business, this is an excellent option to reduce start-up expenses; It also works well for a business that is expanding and needs additional office space quickly to keep operations running smoothly.
• Access to state-of-the-art equipment: by sharing the latest technological infrastructure, unaffordable expenses can be avoided
• Payment flexibility: regular monthly payments are released from anticipated quarterly rent payments; office service charges include general expenses such as lighting, water, insurance, etc.