Admittedly, the conference-table-by-day-beer-pong-table-by-night style of coworking space isn't for everyone, and that's okay. Coworking isn't meant to be a one size fits all alternative to the traditional office. In fact, it's just the opposite. The ethos of coworking is to give the increasingly flexible workforce the opportunity to find a workplace that is not only conducive to productive work but, in one way or another, fits their personality.
Another way to view coworking, maybe not as sexy but universally appealing, is its cost savings. Of course, there are different price points across the board and some may seem expensive at first glance, but when you compare those costs to those of a traditional office, the picture changes quite a bit.
Let's take renting out an office in Hong Kong, which is notoriously one of the most expensive cities in Asia to rent an office, as an example. This study shows that even though a flexible workstation averages at $7,607 per year, a conventional workstation would put you back $27,432. This translates to 73% in cost savings: a significant amount of money, particularly if you're just starting to grow your business, or for anyone for that matter.
So it's no wonder that we are seeing both demand and supply for short-term office spaces increase. A recent example is Servcorp's $30 million investment into coworking. Regarded as a leader in providing premium office space solutions, their entrance into the coworking world is part of an overall evolution of the company. With over 160 locations throughout 23 countries and 54 cities, this offers an opportunity to provide their clients and future clients with a new service.
And what may initially seem like them competing with the likes of WeWork, Servcorp's COO Marcus Moufarrige has stated that they remain differentiated by focusing their attention on the premium flexible office niche.
Of course, they aren't the only players in the premium serviced office game - there are other global names such as Regus and KMC Solutions that offer similar packages. They're all fitted out with world-class decor, original artwork, and state-of-the-art technology, in recognizable locations - so even if you're just availing of a virtual office package, you can put a notable address on your business card. Plus with access to professional meeting rooms, you're sure to always make the best first impression, whether you're bringing in clients, investors, or partners.
Short-term serviced offices also give businesses the opportunity to scale up or down relatively easily as there are no costly real estate investments to worry about. This makes it fairly risk-free for companies looking to move teams offsite, or to test the waters in a new country.
Additionally, serviced office operators will also take care of all administrative tasks. On the most basic level this includes call and mail handling. However, depending on the operator, you have access to a whole host of services from help with taxes to help with business relocation - giving meaning to the term workplace-as-a-service.
These are just some of the benefits a serviced office can provide. If you'd like to know more, or see some of these offices in person, don't hesitate to reach out to us at email@example.com.