As an entrepreneur, you’re encouraged to think big, start small and scale fast. But if there is an underlying belief that growth trumps profits in the race to market domination, fame, and fortune, no wonder we’re seeing startups soar to extreme valuations before crashing.

 

Just 2 months ago, the coworking giant WeWork was the US's most valuable tech startup. Now, the only headline dominating the press is controversy and talk of bankruptcy. As one of the world’s biggest office rental groups, the problem is, the company has never made a profit. We’ve witnessed the effects of a boom/ bust cycle in this sector before with Regus. In the late 1980s Regus expanded rapidly to become the world’s largest provider of temporary workspaces. But in 2003, they were forced to file for bankruptcy in the US.

 

Although these ‘temporary workspace’ giants have struggled, the demand for flexible working environments is only increasing. Last year in Australia, there was a 46.9% increase in the flexible workspace market in the Sydney CBD, which now represents 2.44% of the total office market in the city. So, with an explosion of coworking and serviced office spaces popping up throughout Australia, how do you know who to trust and what to look for in a good serviced office contract?

 

Below is our checklist on what to look out for when finding the perfect serviced office for your business:

 

  1. Consider working with smaller independently owned businesses to benefit you (and your business) in more ways than one. Renting a serviced office from an independently owned business usually allows for the full focus to be on you and helping your business grow, not theirs. The close network of tenants also allows for invaluable networking opportunities.

 

  1. Is the location safe and accessible? Working in busy CBD areas can be difficult to access and find parking. Look for a location with easy transport, parking and has great local facilities to keep your staff and clients happy.

 

  1. Ensure your serviced office has good facilities and management. Stay focused on the growth of your business, not the running of an office. Keep an eye out for serviced offices that offer meeting rooms, serviced offices and virtual offices so all your needs are met. 

 

 

If you have any questions and would like to speak to someone about an officespace that is right for you, CLICK HERE