The serviced office market consists of offering of fully equipped office or office building, managed by the office provider and related services. Serviced office are provided with some services like dedicated receptionist, administrative support as well and facilities like conference rooms, meeting rooms, air conditioning and other utilities.
The global serviced office market is expected to decline from $30.06 billion in 2019 to $27.95 billion in 2020 at a compound annual growth rate (CAGR) of -7.02%. The decline is mainly due to the COVID-19 outbreak and the measures to contain. Government across the world mandated work-from-home for most of the organizations, while some which cannot work from home are shut down temporarily. The market is then expected to recover and reach $57.58 billion in 2023 at CAGR of 27.24%.