Serviced Office Global Market Report 2024

The serviced office market size has grown rapidly in recent years. It will grow from $23.66 billion in 2023 to $27.74 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth observed in the historical period can be ascribed to an increased demand for professional services businesses, a surge in government initiatives, a growing need for sustainable office spaces, economic expansion in emerging markets, and heightened investment activities.

The serviced office market size is expected to see rapid growth in the next few years. It will grow to $47.05 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The anticipated growth in the forecast period can be attributed to the increasing recovery of workspace demand, the expanding tech sector, and a rise in investments. Noteworthy trends during this period include the adoption of a flexible hybrid work model, the utilization of co-working spaces for cost savings, the implementation of tech-enabled environments, a focus on repurposing and redesigning office spaces, and the provision of flexible and negotiable lease arrangements.

The growth of serviced offices is increasingly driven by government support and funding for start-ups and SMEs. Serviced offices, fully equipped and available for rent, cater to the needs of businesses, especially start-ups and SMEs with limited funds and time for office construction. As per the World Bank, the global number of SMEs and start-ups ranges from 400 to 500 million, and this figure continues to rise, thanks to substantial government backing. The increased financial support from governments for these emerging enterprises has significantly fueled the demand for the serviced office market.

The surge in the demand for work-from-home arrangements is expected to further propel the growth of the serviced office market. With remote work becoming more prevalent, employees perform their job responsibilities from home instead of traditional office spaces. However, this may limit access to professional meeting spaces. Serviced offices address this challenge by providing well-equipped meeting rooms and conference facilities that remote workers can utilize for client meetings or collaborative endeavors. For example, a report from the United States Census Bureau in September 2022 highlighted that the District of Columbia had the highest percentage of home-based workers (48.3%) among states and equivalents in 2021. States such as Washington, Maryland, Colorado, and Massachusetts also exhibited substantial proportions of workers engaging in remote work. Consequently, the increasing demand for work-from-home options is a driving force behind the growth of the serviced office market.


Serviced offices are incorporating the Internet of Things (IoT) into their services, introducing smart serviced offices equipped with sensors, interactive devices, and more. While retaining the essential features of a traditional serviced office, a smart serviced office leverages technology, providing companies with cost-effective management services. Sensors, for instance, help easily locate available meeting rooms or quiet areas within the smart serviced office. IoT integration in serviced offices offers advantages such as enhanced time management, increased efficiency, and reduced operational costs.

Major companies are innovating by introducing new products such as virtual workspaces to expand their customer base, drive more sales, and increase revenue. A virtual workspace is a digital or online environment where individuals or teams can collaborate, communicate, and perform work-related tasks without the need for a physical office. For example, Meta Platforms Inc., a US-based technology company, launched Horizon Workrooms in August 2021. This product features unique elements such as Oculus Avatars, mixed reality desk and keyboard tracking, hand tracking, remote desktop streaming, video conferencing integration, and spatial audio. Workrooms create a mixed reality experience, allowing users to bring their physical desk and tracked keyboard into the virtual environment, enhancing the virtual meeting experience. Additionally, users can easily access their entire computer from VR with one click, especially when used alongside the Oculus Remote Desktop companion program for Mac and Windows.

In October 2021, Knotel, a US-based provider of flexible workspace solutions, acquired Deskeo for an undisclosed amount. This strategic acquisition strengthens Knotel's position in the flexible office space sector. Deskeo, based in France, is a leading provider of flexible and serviced offices tailored to the needs of enterprises.

Major companies operating in the serviced office market report are WeWork Inc., IWG PLC, Servcorp, Compass Offices, Greendesk, JustCo, Davinci Virtual, Workbar, Orega Management Ltd., Instant Offices, Scooter, Regus, Space Works, Innov8 – Vikhroli, Red Bricks, 91 Springboard – Yerwada, Spring House Coworking, IndiQube, The Executive Centre, Van tone Commercial Centre, ARCC, Bizspace, Safestore, Flexspace, Workspace Group, The Office Group, Landmark Space Limited, NewFlex, Begovaya str, Nevsky prospect, Voentorg building, WORKIN, City Space, Business Lab, Labour, Clockwork, Croissant, LiquidSpace, Serendipity Labs, Knotel, ShareDesk, Breather Inc., BeerOrCoffee, A4-Space, Nook, Nest, Our-Space, Letswork, WitWork, Office Freedom, Eco beam, Redcon Construction, Julius Berger Nigeria Plc.

Asia-Pacific was the largest region in the serviced office market in 2023. North America was the second largest region in the global serviced office market share. The regions covered in the serviced office market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the serviced office market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

In the realm of serviced offices, the main types of offerings include private offices, virtual offices, and other flexible options. A private office is a fully enclosed space with a movable door designed to serve as a workplace for an individual. Various space providers, including major brands and independent entities, cater to a diverse range of industries such as IT and telecommunications, media and entertainment, retail, and consumer goods.

The serviced office market research report is one of a series of new reports that provides serviced office market statistics, including serviced office industry global market size, regional shares, competitors with a serviced office market share, detailed serviced office market segments, market trends and opportunities, and any further data you may need to thrive in the serviced office industry. This serviced office market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The serviced office market consists of revenues earned by entities by providing services such as dedicated receptionists, administrative support as well and facilities such as conference rooms, meeting rooms, air conditioning, and other utilities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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