Many businesses and clients alike have been affected one way or another by the recession but it seems the serviced office market is continuing to grow despite these difficult economic times. But when you consider how cost effective it is to pay for project space, rather than investing in your own office block, it makes sense that more businesses would choose this option and so it seems to be a market that can only grow.
The serviced office market has experienced significant growth on a global scale in recent years but it has proven especially successful in the UK. Even major businesses like BT are opting to rent project space. A serviced office is a highly beneficial venture for anyone to undertake as the monthly cost is relatively low, which also allows for some invaluable flexibility, and it comes complete with all the necessary facilities a business may need while in operation.
It is often the case that a serviced office rental was intended to be temporary but an increasing number of customers end up extending their time on the premises. For many, it is simply because the difference in expenditure has been significant enough to warrant the use of such resources and, while the cost may be lower, the quality is not. Whatever a client’s requirements may be the serviced office market has enough diverse options to cater to all needs. For this reason, serviced office space has a very broad appeal and has staked out its own place as a competitive business.
Another reason that has led to such success is the fact that once a company rents its first serviced office, however temporary it may be, it can continue to work in cooperation with the company providing the office space in order to make longer term plans for future project space. This in turn could lead to what would effectively be a semi-permanent office solution providing all the benefits of an office lease but at the more affordable cost of a rented serviced office space.
With all this in mind it comes as no surprise that the serviced office market is growing so much. In times of financial difficulty it provides a cheaper solution for businesses in need of office space but, whether the economy is strong or weak, it is always in the interests of a business to keep its expenditure as low as possible. As the benefits of serviced offices become increasingly known, so too will their adoption as a business solution. The recession may have helped the serviced office gain recognition but as its popularity grows, it looks set to be a much more dominant factor in the business world.
This kind of arrangement is beneficial to both clients and providers and so for the serviced office market, the only way is up.