SERVICED OFFICES IN SINGAPORE

Abstract

Until recently, serviced offices have not received much attention although they have been around for about ten years. In this past year alone, eight new operators have entered the market here and some are going regional. Hence a market study of this growing concept is looked into. The objectives of this dissertation are to examine the current and future demand and supply of serviced offices, as well as to study in depth the marketing techniques and operational aspects. The findings of this study revealed the inherent problems faced by the serviced offices and though there has been increase in the number of business visitors, the serviced office business has been hard to sustain. The explanation for this paradox lies in the problems faced by the serviced offices operators. These problems include (I) the intense competition between rivals, (2) competition from substitutes, (3) place not owned, (4) undesirable tenants and (5) high staff turnover. In the concluding chapter of the study, the implications of the findings and recommendations are discussed.