Global Serviced Office Market Forecast To 2023
The global serviced office market is expected to decline from $30.06 billion in 2019 to $27.95 billion in 2020 at a rate of about -7%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Governments across the world mandated work-from-home for most organizations, while some which cannot work from home are shut down temporarily. The market is expected to recover and reach $57.58 billion in 2023 at a rate of 27.24%. In the historical period, increased government support and funds for startups and SMEs boosted the demand for the serviced office market. However, lack of available space in some cities has always been a major challenge in the serviced office market.
The serviced office market consists of offering of fully equipped offices or office buildings managed by the office provider, and related services. Serviced offices are provided with some services like dedicated receptionist, administrative support as well and facilities like conference rooms, meeting rooms, air conditioning and other utilities. A serviced office is a furnished and fully equipped pay-as-you-use office space, located in a building managed by the office and services provider.
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The global serviced office market is further segmented based on type and geography.
By Offering: Private Offices; Virtual Offices; Others
By Vertical: IT And Telecommunications; Media And Entertainment; Retail And Consumer Goods
By Space Provider: Big Brands; Independent
By Geography: The global serviced office market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the European serviced office market accounts for the largest share in the global serviced office market.
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Trends In The Serviced Office Market
Serviced offices are implementing the internet of things into their services. A smart serviced office is the same in most aspects as a serviced office, except that a smart serviced office is equipped with sensors, interactive devices, etc. Serviced Office Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides serviced office market overviews, analyzes and forecasts serviced office market size and growth for the global serviced office market, serviced office market share, serviced office market players, serviced office market size, serviced office market segments and geographies, serviced office market trends, serviced office market drivers and serviced office market restraints, serviced office market’s leading competitors’ revenues, profiles and market shares. The serviced office market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.