The Rise of the Virtual and Serviced Office

The serviced and virtual office sector is one that is built on challenging the traditional office model, and so it is at the forefront of the modern workplace. From the latest technology to environments that encourage collaboration, the serviced office sector comes in many forms and recent research has shown that it is growing in number and cost, particularly in London.

In recent times the number of serviced offices across the United Kingdom has risen by 3.6%, with the market in London outperforming the rest of the country. The same research has also indicated that the businesses using serviced and virtual offices are very diverse, from SMEs to FTSE 100/Fortune 500 companies.

More recent research has found that serviced decades have increased their share of Central London floor space by over 67% in the last decade.

What is a Virtual and a Serviced Office?

A serviced office is a space that you pay for as you use. Fully equipped with everything you might need to work successfully, you can rent offices and even floors of buildings. They are usually fully operational and you can use them immediately.

Virtual offices provide an address and communication services, but not an actual office space.

They can provide an unparalleled flexibility, with contracts open to cancellation or amendment at any time. This significantly reduces the risk for businesses, especially those that want to test new markets.

Why have Virtual and Serviced Offices Become so Popular?

The rapid development of software and devices means that you no longer have to be in the same physical location with someone else to work with them successfully. With cloud storage, video calling and social media, you can work from absolutely anywhere.

Businesses, particularly start-ups, have become reluctant to commit to long term office leases, which means that serviced offices and virtual offices are the perfect solution. As the acceptance of offices like this grows, more established, larger corporations are also becoming interested in the benefits of working in a more flexible way. With a serviced office, you don’t have to invest in property, saving you and your business in the long run.

With the prevalence of the understanding of the benefits of serviced offices, the demand for them is only growing.

Over the next decade, serviced and virtual offices are set to explode abroad, especially with the prediction that international markets are expected to make more headway in new territories such as Asia, America and Africa.