The Serviced Office Sector Is Taking Longer To Recover From The Depressive Impact Of COVID

The sector suffered significant falls in revenue between 2019 – 2021 (CAGR of – 18.8%), with only partial recovery in 2021 – 2022 (10.0%)

Historically, Service Office Sector has enjoyed strong growth, with a CAGR of 26.6% between 2011 – 2016 and a CAGR of 23.1% from 2016 – 2019. Covid changed all that, and the Serviced Office sector was severely damaged by the pandemic outbreak, with a fall in revenue of -19.8% in 2020 and -17.8% in 2021.

Historically, North America dominated the Serviced Office Sector, with a 40% market share in 2011, slowly reducing to 33% by 2022. Western Europe experienced a similar decline in market share over the historic period, with 35% market share in 2011, falling to 29% by 2022. In contrast, the fastest growth has been in the Asia Pacific, which has risen from an 18.5% share in 2011, to 26.5% in 2022.

This rising trend in the Asia-Pacific region is predicted to give it the largest market share by 2031. North America is in second place at 30.5% and Western Europe is holding third place with 27.4% of the market. The other regions are very small in comparison, with the current 11% share between South America, Asia Pacific, the Middle East and Africa remaining pretty much unchanged through to 2031.

Among the top ten countries, the USA dominated the market in 2021 with a 40% share. China was a distant second at 14%, Germany at 12%, and France at 8.4%. India, China, and Russia suffered the worst revenue drops during the peak of the COVID outbreak (2019–20).

The serviced office market consists of offering a fully equipped office or office building, managed by the office provider, and related services. A serviced office is provided with some services like a dedicated receptionist and administrative support, as well as 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.

The Serviced Office Sector is divided into three main segments:

• Private Offices
• Virtual Offices
• Others

Major players in the Serviced Office sector are:

• WeWork Companies
• Servcorp
• Regus
• IWG Plc.
• Bizspace Ltd
• Alley
• Croissant
• Davinci Virtual
• Greendesk
• Hubble
• Instant
• JustCo
• LiquidSpace
• Office Freedom
• Serendipity Labs
• ShareDesk
• TechSpace
• The Office Group
• Breather Inc
• Knotel

As per data on the Global Market Model

The Serviced Office Market Report 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, share, serviced office market players, serviced office market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

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