VIABILITY OF SERVICED OFFICE AS AN ALTERNATIVE OFFICE SPACE

Abstract

The concept of serviced offices, despite being in Singapore for over 20 years, has not taken off as an alternative office space for business operators here. This is attributed to factors such as the lack of awareness and the difference in market conditions between Singapore and countries in the West. A survey was done to investigate the general sentiments towards serviced office in an attempt to find out the reasons behind its lack of awareness. The findings support the hypothesis that the awareness of the concept of serviced office is poor in Singapore, with over 60% of the respondents unaware of this office concept. Even for those who are aware of the presence of serviced office, the majority of them only had minimal knowledge of it. The survey also found that more could be done to improve its profile and to enhance the services provided. This research also examines the viability of serviced office as an alternative option for traditional office space. Trends and issues relating to serviced office will be discussed, including their advantages and disadvantages, use of serviced office by multinational corporations and its role during recessionary times. Methods to enhance the services provided and ways to advance the industry as a whole will be highlighted. The recommendations suggested include linking up with public agencies, which is the most popular option among the respondents. Improvement in aspects of services and facilities can also be done by allowing more personalisation of the office layout. Lastly, a local serviced office association can be created to help the industry step up to a higher level of operations.