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National: Demand for serviced and virtual spaces prompt Imperial Servcorp to expand

Plans of expansion of serviced office spaces for Small and Medium Enterprises (SMEs) in cities including Gurgaon, Pune and Bangalore are been made by Imperial Servcorp. Established in 1997, this company is a collaboration of India’s K Raheja Corp the Australian multinational Serve Corp. Packages of serviced and virtual office spaces are being offered at Bandra Kurla Complex in Mumbai and Mind Space in Hyderabad.

 

As per Meenal Sinha, associate vice president, Imperial Servcorp, the company is looking forward to add nearly 80,000 square feet of floor space by mid of the next financial year. Imperial Servcorp hopes to gain minimally 500 more clients by such expansion plans. Nearly 80% of these clients are anticipated to belong to Small and Medium Enterprises.

 

Imperial Servcorp is willing to offer cost efficient serviced and virtual office spaces on lease even for a term as short as a month’s time. At the latter, the company charges around Rs. 40,000 per month for service offices apt for three to four individuals. At Mumbai the rate is Rs 90,000. However, for a one month duration, the company charges Rs 3000 and Rs 9000 for office space in Hyderabad and Mumbai respectively for a virtual office space. In fact, the developers are also providing an option to prospective clients to try out an office space for a month and pay only half the price. It is noteworthy that between two cities, Mumbai and Hyderabad, the company has nearly 400 clients.

 

According to her, serviced office spaces are in and traditional office spaces are out. This is because not only are these cost efficient but also due to its size, the cost of maintenance and administrative management chores is less.

 

According to the statistics quoted by Sinha, as much as nearly 90% of clients for its virtual offices and nearly 60% of clients for its serviced offices in Hyderabad can be categorized as Small and Medium Enterprises. However, in Mumbai, only 30% of clients for its serviced office spaces belonged to this category. The trend seems to be catching up and this is what many companies plan to bank on to give its office spaces on lease.

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