Does the future of serviced office spaces look bright in 2018? Learn emerging trends and what’s in store for serviced offices this year.
Over the past five years, serviced offices have increased in number, catering to tech startups, freelancers and creative types. These workspaces appeal to them because not only do they foster community and collaboration, but serviced offices also save them money as they offer friendlier rates than conventional offices and don’t require a multiyear commitment.
Indeed serviced offices have come a long way, from a scattered collection of office suites that didn’t even have a label, much less an industry to belong to, to be the preferred type of workspace of modern businesses. What’s in store for the future of serviced offices? We’ve compiled a list to help you be in-the-know.
Here are 5 serviced office trends to look out for in 2018:
1. Further Increase in Demand
The continued expansion of the Tech sector, particularly of small enterprises and start-ups, will further push the demand for serviced office spaces. Experts predict that by 2020 the number of people employed in the tech sector would have risen by 6%. Tech companies prefer serviced offices because what they get is what they mainly require in work spaces – flexibility, which in most cases conventional offices do not offer.
2. Clients Warm Up to Flexibility
Gone are the days when a client had no choice but to locked up in a long-term commitment when renting an office space. Now, clients have warmed up to the concept of flexibility that serviced offices offer, helping them secure a prestigious office location without committing to long-term lease arrangements and permanent staffing costs.
3. Serviced Offices Goes Social
Serviced offices will gain more popularity and be more embraced by millennials with the circulation of industry buzzwords such as ‘collaboration’, ‘coworking’ and ‘innovation. Serviced offices will have a stronger online presence and increased media exposure.
4. Serviced Offices Become Mainstream
The continued rise of serviced offices will no longer make them the ‘alternative’ space solution, but rather be labeled as mainstream. This is the result of more startups and tech companies finding that renting serviced offices are beneficial to their business rather than conventional ones.
5. Rental Cost Increase
As with any product or service, an increase in demand often results to an increase in price or cost. Rising competition will prevent operators from raising rental too high though for fear of losing potential and current occupants.
Serviced offices will continue to skyrocket in number and popularity because of their purpose – to deliver cost efficiency and short-term flexibility. In a sluggish economy, this purpose is extremely helpful to business owners who want to start on the right track.
Start your business on the right track by renting a serviced office. Contact us now!