How serviced are serviced offices?

Aside from flexibility and community, one of the main factors that sets serviced offices apart from its traditional counterparts is the actual service it offers its clients. The idea of workspace as a service (WAAS) that can provide an all-encompassing provision with fully fitted and furnished offices, technology, meeting facilities, kitchen amenities and often some form of café / bar area, is one that reinforces its image of being low-maintenance, easy and flexible, putting it very much on a par with the level of service found in a hotel.

Similar to the hotel market, the service on offer between flexible and co-working providers differs and we are now beginning to see some polarisation in the market with brands such as Fora, the Ministry of Sound and Mortimer House in London offering a more high-end private members’ club style space compared to some of the market’s more traditional service offers. For example, FORA partner with Ecole hôtelière de Lausanne (EHL), the world’s oldest hospitality school, to train their team to deliver service excellence. The service extends to the range of amenities on offer. For example, The Ministry offers a private cinema room and sound-proof suites, as well as your own make-up refresh area by day and secret tequila bar by night. These spaces are clearly more than just offices , they are a lifestyle choice, offering areas that can be used to work, but also to socialise out of work hours with co-workers or friends.

This distinction in the flexible market has given it more depth with its versatility and diversity making it an attractive option for occupiers from start-ups and independents to large corporates. Indeed, the average share of WAAS take-up in Europe reached 7.5% in Q1 2018, up from 7.2% in 2017, and almost three times higher compared to 2016.

With the serviced office trend gaining more of an established presence over recent years, we are also now seeing many providers introducing all-inclusive packages for members, rather than adding individual or extra costs, in order to make the process as smooth as possible for users, another feature that is comparable to the hotel market.

It is important for traditional landlords looking to enter or build a presence in the flexible and co-working sector to consider their customer service offer and experience in order to compete with the pure serviced office providers. The combined package and service that they offer and simply putting the customer first  is what sets them apart from the market and therefore understanding this niche is vital to contend in a competitive marketplace.