Serviced offices are a unique format of office real estate, where the operator of the service space provides a full range of services for successful business. This format includes everything from the ability to accommodate employees to the provision of reception services, cleaning services, coffee ladies, and a carefully thought-out technological infrastructure for office management.
Service offices are suitable for businesses of almost any profile, from IT companies to banks and enterprises engaged in foreign economic activity. The market has teams providing premium office space, serving selective clients with high demands and expectations, regardless of their geographical origin.
Development of the Format in Dubai
In recent years, the format of service offices has been actively developing in the Dubai market, although several years ago technological offices of this type were rare here. The pandemic has reduced demand for office space and commercial real estate, resulting in fewer high-quality office properties. However, after the pandemic, the market is recovering quickly.
Although there is talk of problems in Dubai’s housing market, it is premature to apply these concerns to office real estate. Despite the presence of beautiful office buildings, high-quality Class A Premium facilities remain insufficiently common, and their quantity leaves much to be desired.
If you are an entrepreneur who is planning to start a business in Dubai, the following recommendations are suggested.:
Careful analysis and preparation. Before deciding to enter the local market, detailed analysis and thorough preparation are necessary. Effectively navigating the challenges facing a new entrant into the Dubai market begins with developing a well-thought-out and prepared economic model.
A balanced approach. A new entrepreneur needs to weigh the pros and cons and measure his capabilities and resources. This is the only way to make an informed management decision, taking into account the peculiarities of the local business climate.
Take into account the high cost of the city. Don’t forget that Dubai is a city with a high standard of living and the costs of starting a company and staff salaries will be significant. It is important to consider all aspects of the cost of living in the city and include them in your business plan.
An objective look at risks. Given the high costs in Dubai, it is important for entrepreneurs to maintain an objective view of the risks. This will allow you to better adapt to market conditions and minimize financial difficulties.
Market research. Dubai is an exciting and growing market, but it is important to conduct thorough market research before starting a business. Understanding the needs and preferences of your target audience will help you tailor your business strategy to local requirements.