A serviced or coworking office space is basically what is called a ‘plug and work’ option that are suitable for any business type. The range of services provided by a serviced office space is not limited and includes fully equipped and functional offices, conference and meeting rooms, executive lounge, pantry or cafe, hired staff to provide reception services, secretarial support, InfoTech services and back-up support, advanced technology and communication services, maintenance and cleaning services, wash rooms, security personnel and much more. An office space is available for operations immediately with a delay and the fee depends on the actual usage of the services and facilities provided by the ‘corporate workplace.’ Of course, these services and facilities are used by the tenants of the work place; thus, enabling savings in costs and maintenance of independently owned space.
Fully equipped serviced office spaces are available in various sizes and layouts and can accommodate any business operation from a team of two to around 50 or even more. Owing to their attributes, several businesses from small to large ones are reaping their benefits and achieving best of business operations coupled with savings in costs. An additional benefit is business owners view workplace spaces almost as an extension of their own business environment.
1. Cost-effective – the rentals involved in hiring a workplace space in tune with business requirement is more cost effective than hiring entire floors of a building or a building. Rental charges include consolidated expenditure for usage of facilities, services and utilities.
2. Upfront professional image – the professional outlook of a workplace space with reception and secretarial services, meeting rooms and technology infrastructure projects a far more professionally viable and competent image to business clients and associates.
3. Cleaning and maintenance – time is money, especially for a small business owner, renting a serviced office space saves on both as maintenance and upkeep of facilities and utilities is the lookout of the serviced office space provider.
4. Flexibility – serviced office spaces are affordable as they provide flexibility in rentals of services and facilities, allowing businesses the option to scale up or scale down requirement as the need arises. In the absence of long-term binding contracts which is the case with regular rentals, flexibility is the key here.
5. Location – by finding an appropriate business address close to home or work location, commuting expenses and time lost in attending meetings etc. is cut down. An ideal location in a central business district also provides access to services like banking, restaurants & cafes, postal services etc., as well as easy access to local transport services.
Understanding the need for businesses to utilize workplace spaces and obtain maximum value, agencies and analysts are offering consultancy services to help tie-up businesses with appropriate business locations. Some of the services they provide to businesses looking for workplace spaces are:
1. Assessment of requirements for national and international locations
2. Finding the most appropriate serviced office space to match requirement
3. Negotiating the best deals
4. Advising on contracts and agreements
5. Providing reviews of cost analysis and benefits
6. Mediating between both parties to manage the whole process
A major advantage of the office type is that one may be able to choose the duration for which they would want to use the space. The possibility of being able to upgrade or downsize the space depends solely on the user of the space; the same may not be a possibility for small business owners who have to set up their own office space. The kind of investment that one may have to put in the serviced office space also turns out to be much lower than the conventional office, which means that the money that one has in the form of capital, may be put in the advancement of the business and overheads for setting up the office may be cut down. The possibility of being able to get staff along with the office space is also a reality.
It is possible to be able to get a receptionist or a telephone operator attached with the space, which gives a larger image to the business than its actual size and capacity. Finally, one may be able to get the office space to be located in the prime location. The prospect of being able to set up an office in a posh location may not be possible if the setup is done by the small business owners on their own. The costs of the space may be much higher than the budget of the office, but with the flexibility of the serviced office, one may be able to afford the best locations in the business world.