The last quarter of the 20th century witnessed Malaysia's economic rise. Malaysia is now considered an industrialized country and ranks 29th worldwide in terms of growth. The Malaysian economy continues to grow at an average 6.5% in the last five decades that both local and international investors, including sole entrepreneurs, are keen on establishing a business in Malaysia, particularly in Kuala Lumpur.
As with the rest of the world, business owners in Malaysia are affected by the trends in the way people “do business”. There is now increased globalization of enterprises, increased outsourcing and increased use of technology. These trends resulted in the need for more workforce flexibility and mobility which translate into a need for a solution to enable people to work practically anywhere at any time. Thus the serviced office became an in-demand property product.
What is a Serviced Office?
A serviced office is also called an executive suite, office business center or shared office facility which includes four vital essentials: office space accommodations; amenities; business services and technical support and management. A serviced office center usually occupies one to two floors of a commercial building, and divided into smaller corporate suites, individual offices, conference room, reception area, pantry and other common areas.
The serviced office is managed, staffed, furnished and equipped by the service provider. Clients pay the provider a monthly fee per work area, including the use of the office space and services such as reception, concierge, and management of facilities. Other amenities and services such as video conferencing, LAN and Wi-Fi internet connection, copier, facsimile and more may be included or billed on a pay-per-use basis.
Why Opt for a Serviced Office?
Startups, small business and sole entrepreneurs are not the only ones who are opting for serviced offices. New medium and large scale corporations are using a serviced office because of the very flexible lease term and quick office setup. There is no telling how business will fare in 2 to 3 years time. Opting for a serviced office is one less worry in the event that the business encounters financial problems.
Existing and successful businesses are making use of serviced offices as a component of their strategy. It is more cost-effective to rent a serviced office for a short term project than set up a new office.
There are enterprises that believe in minimizing the capital and time invested in a traditional office setup. A serviced office saves them money, time and management headaches.
Factors to Consider
Due to changing business practices and trends, there arose a need for a serviced office. Because there is a service/product need, there is a provider, not one or two, but numerous. How does one choose the right serviced office provider?
A serviced office package must help a business cut cost, save on overhead expenses and facilitate the running of a more efficient company. The provider must present a serviced office situated in Kuala Lumpur's central business district, with easy access to various transportation hubs.
Packages must be all inclusive of a modern, fully furnished and equipped executive suite. Shared facilities may include the pantry, restrooms and printing room. Shared equipments may include printers and facsimiles.
There should be a dedicated receptionist to manage all calls, stationed in an unbranded reception area that could serve as a waiting lounge for clients. Other receptionist services may include call forwarding to designated mobile phones, facsimile forwarding to e-mail boxes, receiving of registered mail and other deliveries and more.
In this fast-paced digital world, a business without the latest computers and high-speed internet connection loses out. A serviced office package should offer 24-hour monitoring for all means of communication, including an IP phone with a global network. The support staff should be on-hand on a 24/7 basis. The other support team includes janitorial and maintenance services.
Some serviced office providers offer fully equipped conference rooms fitted with AV equipment on a pay-per-use basis. This is more practical as it is more cost-effective. There is no point in paying a fixed monthly fee on an amenity that is used occasionally.
Lease contracts are short and flexible. Locking a client into a long and rigid contract is not acceptable for a serviced office provider as it counters the very essence of a serviced office. There are no deposits and advance payments involved.
A serviced office could be ready in less than 24 hours. There is no long wait to equip, furnish and staff the office space.
Servcorp's serviced offices in Kuala Lumpur, Malaysia are situated at the Mehara Standard Chartered in Jalan Sultan Ismail and at the Mehara Citibank in Jalan Ampang.