Serviced Office Market Synopsis

Serviced Office Market market Was Valued at USD 140.7 Billion in 2023, and is Projected to Reach USD 222.1 Billion by 2032, Growing at a CAGR of 5.2% From 2024-2032.

A serviced office is a type of workspace that is professionally furnished and designed to be functionally ready for immediate occupancy by companies or individuals. Furnished offices are ready to occupy and do not require furnishing or any other operational support including internet access telephone lines administrative support for example receptionists mail handlings. These spaces are often offered on short-term options and can be booked for a month or even a day rather than being signed up to for months or years at a time, saving tenants from having to organise and maintain an office and its supporting infrastructure themselves. Serviced offices can be considered as a comfortable choice for various companies, including start-up, virtual, and individuals who want to rent a professional workplace without signing any long-term contracts.

• The demand for serviced offices has increased significantly in the recent past due to changed work trends as well as the adoption of the flexible working principle. Such businesses include new companies investing in such offices as well as old companies changing into serviced offices due to their benefits and comfort.
• These spaces provide ready office solutions with facilities like plug-and-play offices, as well as the provision of high-speed internet, reception desks, and meeting rooms, enabling companies to concentrate their resources on their business rather than being sidetracked on managing their office environment. In addition, serviced offices have the advantage of offering companies increased workspace with minimal hassles and this can be especially important in the current fast changing working environment.
• Further, the upsurge of technological developments and shifts in the trends of working preferences have also driven the serviced office market. This is because of the flexibility that has emerged with the growth of distributed teams and working from home arrangements; the serviced offices are a compromise between leased offices and working from home environments and sit somewhere in between offering something more professional than a laptop in the kitchen table.
• Moreover, the evolution of the serviced office market has witnessed the introduction of smart technologies that make offices more user-friendly and increase their effectiveness. Due to the growing importance of flexibility and agility in the business landscape, the serviced office market has significant potential for further expansion and will become an even more important resource for forward-looking companies.

Serviced Office Market Trend Analysis

Increasing focus on sustainability and wellness initiatives within office spaces

• Serviced office providers have emerged to fit into the new demands for offices that are both environmentally friendly and conscious regarding the working conditions of the employees. This trend is related to the application of sustainable practices in the working premises, which may include energy-saving lighting, recycling systems, materials and methods used in building construction, in order to minimize the carbon footprint.
• More notably, the wellness elements, including ergonomic furniture, indoor plants, wellbeing area, and fitness facilities, are being integrated into serviced offices to create a healthier working space. This trend of focusing on sustainability and promoting wellness is not only in line with the vision of contemporary companies but also increases the attractiveness of serviced offices as potential tenants increasingly look for offices that will meet their expectations regarding the healthy environment for their employees as well.

Catering to the evolving needs of remote workers and distributed teams

• The trend of work from home offices is continuing to increase in demand and people are seeking independent office spaces that complement their traditional offices. Serviced offices could take advantage of this trend by demonstrating their ability to target the most relevant client segment: individuals working remotely and small companies.
• Serviced offices can attract professionals by offering additional features, including high-speed Internet, personal workstation, conference and shared rooms, common lounge areas, and other facilities that can make coworking space more attractive than working from home, in the bathroom, or in a café with substandard Wi-Fi.
• Also, adding options such as virtual office solutions, mail forwarding, and the ability to attend industry events can further appeal to the target demographic of individuals who want to project a professional image and gain help with managing their business.
• Moreover, accommodating the requirements of MNCs and growing firms can be considered as another attractive revenue stream for the serviced office market. In the current world where organizations are growing and opening their branches in various places serviced office provides a perfect working platform for organizations that seek to have a presence within a short period of time and in an economically friendly way.
• Serviced office providers can therefore ensure that professional corporate clients are attracted to such offices in the major commercial areas because they offer them the much-desired office space which is easily scalable and which does not require a long-term commitment in the form of a lease.

Serviced Office Market Segment Analysis:

Serviced Office Market IS Segmented on the basis of type and application.

By Type, Flexible Lease segment is expected to dominate the market during the forecast period

• I would say that the prominence of the flexible lease segment as the major segment of the serviced office market in the coming years reflects a major change in workspace and corporate management preferences and strategies. Short-term lease agreements are beneficial to businesses as they provide them the much-needed flexibility to meet the dynamic needs in uncertain economic and business environments.
• The flexible lease agreement terms also vary to suit the business; the terms are usually shorter in duration ranging from a few months to a year or more depending on the current needs of the business to make sure that business is not held up with long term commitments over the area of operation. This ability to adapt is especially beneficial for start-ups, smaller organizations with fewer than 250 employees (SMEs), and dynamic organizations that are expanding or changing significantly.
• Moreover, considering that lease serviced offices usually include furniture and office supplies, there is no need for additional expenditures on design and equipment, while paperwork is significantly reduced. The convenience and cost effectiveness makes flexible lease options very attractive to businesses that seek to improve the operational cost of the business by minimizing on the costs and focusing on the core business process.

The dominance of the start-up segment in the serviced office market reflects the growing trend of entrepreneurship

• The strength of the start-up segment in the serviced office market shows the great inclination towards start-up businesses and the rise of start-up companies in recent times all across the world. These businesses are affected by factors like lack of capital and human resource, unpredictable revenue, expansion, and the requirement for dynamic office space solutions. Offices for rent as serviced offices are the best option for start-ups since the business is set up in a short duration of time as the renter does not sign permanent leases or invest in office fixtures.
• Start-ups get several advantages with serviced offices such as fully equipped workspaces, availability of required facilities, easy relocation with short-term contracts, and interaction with external organizations. These features allow start-ups to concentrate on its fundamental tasks, encourage innovation, and expand the company with better efficiency.
• Additionally, the focus on serviced offices as the most popular option for start-ups can be explained by the nature of the start-up ecosystem: companies are likely to go through different stages of growth, changes in the number of employees, or the need to expand to other cities or countries. Serviced offices ensure the dynamism that start-ups require to expand their business without being limited by conventional office renting agreements.

Serviced Office Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Also, Asia Pacific is going through a great rate of urbanization and development causing a great hunger for adaptable office arrangements. With more and more businesses, and especially newly founded SMEs and start-ups, unable to afford to rent large, dedicated offices and requiring a more flexible solution that can scale up and down according to need, serviced offices are proving to be an increasingly attractive proposition, particularly in large metropolitan areas where incomes are low but real estate prices are high.
• Secondly, the Asia Pacific region is currently experiencing emerging and diverse business environment with presence of more multinational companies in the region. Serviced offices offer these companies a perfect working model that enables them to initiate their business in a new market in a hassle-free and cost-effective scheme unlike the traditional office lease which is rather time consuming and requires long-term obligations.
• Further, with more and more people working from home and dispersed teams due to increased technological expansion and differences in work cultures, serviced offices are constantly in demand in the Asia Pacific region. Now it has become possible to offer different working conditions for different groups of workers – from those who work remotely to small teams that combine work in the office and working outside its walls – the serviced office format is ideally suited for such tasks.
• Moreover, there is an escalated attention in the Asia Pacific countries and the serviced office sector, where investors and support services providers have been developing the sector and provide more innovative facilities and technologies for serviced offices. This focus on innovation and on customers continues further to drive serviced office space utilization and is likely a contributing factor to the region’s prominence within the serviced office market.

Active Key Players in the Serviced Office Market

• Clockwise Offices (United Kingdom)
• Gorilla Property Solutions (Australia)
• Instant (United Kingdom)
• OREGA MANAGEMENT LTD (United Kingdom)
• Prime Office Search (China)
• Regus (Luxembourg)
• Servcorp (Australia)
• Startups (United Kingdom)
• The Work Loft Co., Ltd. (Thailand)
• Other key Players

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. SERVICE OFFICE MARKET BY TYPE (2017-2032)
   1. SERVICED OFFICE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. FLEXIBLE LEASE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. LONG LEASE
   5. CO-WORKING SPACE
   6. MANAGED OFFICE
7. SERVICE OFFICE MARKET BY APPLICATION (2017-2032)
   1. SERVICED OFFICE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. START-UP
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. SMALL BUSINESS
   5. CORPORATE
   6. GOVERNMENT
8. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Luxury Goods Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2.  Clockwise Offices (United Kingdom)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. GORILLA PROPERTY SOLUTIONS (AUSTRALIA)
   4. INSTANT (UNITED KINGDOM)
   5. OREGA MANAGEMENT LTD. (UNITED KINGDOM)
   6. PRIME OFFICE SEARCH (CHINA)
   7. REGUS (LUXEMBOURG)
   8. SERVCORP (AUSTRALIA)
   9. STARTUPS (UNITED KINGDOM)
   10. THE WORK LOFT CO., LTD. (THAILAND)
9. GLOBAL SERVICED OFFICE MARKET BY REGION
   1. OVERVIEW
   2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Type
      4. Historic And Forecasted Market Size By Application
      5. Historic And Forecasted Market Size By Country
         1. USA
         2. Canada
         3. Mexico
   3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Russia
         2. Bulgaria
         3. The Czech Republic
         4. Hungary
         5. Poland
         6. Romania
         7. Rest Of Eastern Europe
   4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Germany
         2. United Kingdom
         3. France
         4. The Netherlands
         5. Italy
         6. Spain
         7. Rest Of Western Europe
   5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Malaysia
         6. Thailand
         7. Vietnam
         8. The Philippines
         9. Australia
         10. New-Zealand
         11. Rest Of APAC
   6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Turkey
         2. Bahrain
         3. Kuwait
         4. Saudi Arabia
         5. Qatar
         6. UAE
         7. Israel
         8. South Africa
   7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Brazil
         2. Argentina
         3. Rest of South America
10. INVESTMENT ANALYSIS
11. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

LIST OF TABLES

TABLE 001: EXECUTIVE SUMMARY
TABLE 002. SERVICED OFFICE MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. SERVICED OFFICE MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. SERVICED OFFICE MARKET COMPETITIVE RIVALRY
TABLE 005. SERVICED OFFICE MARKET THREAT OF NEW ENTRANTS
TABLE 006. SERVICE OFFICE MARKET THREAT OF SUBSTITUTES
TABLE 007. SERVICED OFFICE MARKET BY TYPE
TABLE 008. FLEXIBLE LEASE MARKET OVERVIEW (2016-2028)
TABLE 009. LONG LEASE MARKET OVERVIEW (2016-2028)
TABLE 010. SERVICED OFFICE MARKET BY APPLICATION
TABLE 011. START-UP MARKET OVERVIEW (2016-2028)
TABLE 012. SMALL BUSINESS MARKET OVERVIEW (2016-2028)
TABLE 013. NORTH AMERICA SERVICED OFFICE MARKET, BY TYPE (2016-2028)
TABLE 014. NORTH AMERICA SERVICED OFFICE MARKET, BY APPLICATION (2016-2028)
TABLE 015. N SERVICED OFFICE MARKET, BY COUNTRY (2016-2028)
TABLE 016. EUROPE SERVICED OFFICE MARKET, BY TYPE (2016-2028)
TABLE 017. EUROPE SERVICED OFFICE MARKET, BY APPLICATION (2016-2028)
TABLE 018. SERVICED OFFICE MARKET, BY COUNTRY (2016-2028)
TABLE 019. ASIA PACIFIC SERVICED OFFICE MARKET, BY TYPE (2016-2028)
TABLE 020. ASIA PACIFIC SERVICED OFFICE MARKET, BY APPLICATION (2016-2028)
TABLE 021. SERVICED OFFICE MARKET, BY COUNTRY (2016-2028)
TABLE 022. MIDDLE EAST & AFRICA SERVICED OFFICE MARKET, BY TYPE (2016-2028)
TABLE 023. MIDDLE EAST & AFRICA SERVICED OFFICE MARKET, BY APPLICATION (2016-2028)
TABLE 024. SERVICED OFFICE MARKET, BY COUNTRY (2016-2028)
TABLE 025. SOUTH AMERICA SERVICED OFFICE MARKET, BY TYPE (2016-2028)
TABLE 026. SOUTH AMERICA SERVICED OFFICE MARKET, BY APPLICATION (2016-2028)
TABLE 027. SERVICED OFFICE MARKET, BY COUNTRY (2016-2028)
TABLE 028. INSTANT: SNAPSHOT
TABLE 029. INSTANT: BUSINESS PERFORMANCE
TABLE 030. INSTANT: PRODUCT PORTFOLIO
TABLE 031. INSTANT: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 031. STARTUPS: SNAPSHOT
TABLE 032. STARTUPS: BUSINESS PERFORMANCE
TABLE 033. STARTUPS: PRODUCT PORTFOLIO
TABLE 034. STARTUPS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 034. GORILLA PROPERTY SOLUTIONS: SNAPSHOT
TABLE 035. GORILLA PROPERTY SOLUTIONS: BUSINESS PERFORMANCE
TABLE 036. GORILLA PROPERTY SOLUTIONS: PRODUCT PORTFOLIO
TABLE 037. GORILLA PROPERTY SOLUTIONS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 037. OREGA MANAGEMENT LTD: SNAPSHOT
TABLE 038. OREGA MANAGEMENT LTD: BUSINESS PERFORMANCE
TABLE 039. OREGA MANAGEMENT LTD: PRODUCT PORTFOLIO
TABLE 040: OREGA MANAGEMENT LTD: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 040. CLOCKWISE OFFICES: SNAPSHOT
TABLE 041. CLOCKWISE OFFICES: BUSINESS PERFORMANCE
TABLE 042. CLOCKWISE OFFICES: PRODUCT PORTFOLIO
TABLE 043. CLOCKWISE OFFICES: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 043. PRIME OFFICE SEARCH: SNAPSHOT
TABLE 044. PRIME OFFICE SEARCH: BUSINESS PERFORMANCE
TABLE 045. PRIME OFFICE SEARCH: PRODUCT PORTFOLIO
TABLE 046. PRIME OFFICE SEARCH: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 046: THE WORK LOFT CO. LTD.: SNAPSHOT
TABLE 047. THE WORK LOFT CO. LTD.: BUSINESS PERFORMANCE
TABLE 048. THE WORK LOFT CO. LTD.: PRODUCT PORTFOLIO
TABLE 049. THE WORK LOFT CO. LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 049. ALLWORK.SPACE: SNAPSHOT
TABLE 050. ALLWORK.SPACE: BUSINESS PERFORMANCE
TABLE 051. ALLWORK.SPACE: PRODUCT PORTFOLIO
TABLE 052. ALLWORK.SPACE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 052. REGUS: SNAPSHOT
TABLE 053. REGUS: BUSINESS PERFORMANCE
TABLE 054. REGUS: PRODUCT PORTFOLIO
TABLE 055. REGUS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 055. CSO: SNAPSHOT
TABLE 056. CSO: BUSINESS PERFORMANCE
TABLE 057: CSO: PRODUCT PORTFOLIO
TABLE 058. CSO: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 058: SERVCORP: SNAPSHOT
TABLE 059. SERVCORP: BUSINESS PERFORMANCE
TABLE 060: SERVCORP: PRODUCT PORTFOLIO
TABLE 061. SERVCORP: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001: YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. SERVICED OFFICE MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. SERVICED OFFICE MARKET OVERVIEW BY TYPE
FIGURE 012. FLEXIBLE LEASE MARKET OVERVIEW (2016-2028)
FIGURE 013. LONG LEASE MARKET OVERVIEW (2016-2028)
FIGURE 014. SERVICED OFFICE MARKET OVERVIEW BY APPLICATION
FIGURE 015. START-UP MARKET OVERVIEW (2016-2028)
FIGURE 016. SMALL BUSINESS MARKET OVERVIEW (2016-2028)
FIGURE 017. NORTH AMERICA SERVICED OFFICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 018. EUROPE SERVICED OFFICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 019. ASIA PACIFIC SERVICE OFFICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 020. MIDDLE EAST & AFRICA SERVICED OFFICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. SOUTH AMERICA SERVICED OFFICE MARKET OVERVIEW BY COUNTRY (2016-2028)