Coworking Space Or Serviced Offices : What Are The Differences?

In Collaboration with Compass Offices

The challenges of traditional office setups have led to a growing trend in flexible workspaces in Hong Kong, with coworking spaces and serviced offices among the most popular choices. While these two share some similarities, they are designed to meet different professional requirements. Understanding their differences will help you decide which option – a community-driven workspace or a fully-equipped private office – best suits your needs.

What Is a Coworking Space?

A coworking space is a shared workspace where people from different background can work alongside one another. These spaces are typically built to encourage collaboration and innovation, where its open-plan environment allows ideas to flow freely.

With flexible membership plans, from daily to monthly options, you can pick one that suits you best. In terms of amenities, enjoy access to shared meeting rooms, kitchens, high-speed Wi-Fi and more, all in one convenient place. A coworking space put its community at its heart, therefore they often host networking events like workshops, guest talks and festive gatherings.

In general, coworking spaces are a hit among freelancers, startups and SMEs looking for a cost-effective, community-driven workspace. They are perfect for those who thrive in a social environment and enjoy the energy and creativity that comes from working alongside like-minded professionals.

What Is a Serviced Office? 

A serviced office is a fully-equipped private workspace within a larger floor or building, managed by an operator. These corporate fitted, ready-to-use offices come with all the necessary amenities and services, allowing businesses to dive straight into their operations.

Here, you’ll have access to top-notch facilities like enterprise-grade internet and telecommunications infrastructure, secure access, as well as professional administrative and IT support, such as mail and call handling services. Cleaning and maintenance are also maintained by the operator.

Serviced offices are best suited for SMEs, corporates and professionals or project-based teams who need a professional office space with minimal setup time. They are also popular with established companies seeking satellite offices in new markets or prestigious addresses for representative offices. Entrepreneurs and freelancers who need a private space to work might also find serviced offices a great fit.

Coworking Space vs. Serviced Office: Which One Should You Choose?

If you’re thinking about a coworking space or a serviced office, it’s a good idea to make sure you’ll have the services and equipment you need, right when you need them. Here are some key aspects to consider when choosing a workspace.

Types of Companies

The type of business you run shapes what you need in an office. Generally speaking, coworking spaces targets individuals and small teams that don’t yet need their own offices. On the other hand, serviced offices attract start-ups, SME and larger companies looking for a prestigious address and professional setup that reflects their business image. Entrepreneurs and freelancers who need more privacy may also find serviced offices a better fit.

Cost Considerations

Coworking spaces are typically more affordable, as they are priced per seat or usage, making them an attractive choice for businesses with tighter budgets. Serviced offices, while relatively more expensive, cover a broader range of amenities and services, such as privacy, corporate fitout, admin support, which can justify the higher cost for those needing these features.

Flexibility and Commitment

In Hong Kong, both workspace types offer month-to-month agreements, providing a high level of flexibility for businesses that may need to scale up or down quickly. That said, many places offer better discounts if you commit to a longer-term agreement.

Privacy and Professionalism

Coworking space’s casual, open atmosphere is great for networking but may lack the privacy some businesses require. In contrast, serviced office’s formal, corporate environment attracts businesses that prioritise privacy, professionalism and confidentiality.

Size of Spaces and Layout

Coworking spaces provide access to shared areas, where you can pick an available desk in an open setting. Serviced offices, on the other hand, provide private offices in various sizes and layouts, which could include storage, a manager’s office, or get customised to meet any other specific needs your business may have.

How to choose the right office types

Understand your needs before you make a decision between a coworking space and a serviced office. For example, how often you’ll need to use the office, the facilities you require and what you prioritise – whether it’s cost, flexibility or a professional image. Make sure the workspace that you pick can best supports your business goals.

Get in touch with Compass Offices

For modern businesses, flexible offices are the answer to stay competitive. Compass Offices provide flexible office solutions in major APAC cities: Hong Kong, Shanghai, Singapore, Sydney, Melbourne, Manila, Tokyo, Osaka, Ho Chi Minh City and Kuala Lumpur, helping young and established corporations to stay agile. Contact the Compass Offices team to find your perfect workspace solutions.

Image credits: Compass Offices