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Servcorp
Australian office services company From Wikipedia, the free encyclopedia
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Servcorp Limited is an Australian multinational office services company founded in 1978.[5] The company provides Serviced Offices, Virtual Offices and Coworking Spaces across multiple international markets.[6]
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As of June 2025, Servcorp maintained operations in 40 cities across 19 countries,[7] comprising more than 150 locations worldwide.[8] Its office are located in commercial buildings, including those in New York, London and other global financial centers. According to a 2017 article in Entrepreneur, Servcorp has provided office and virtual office services to clients including Lyft, Morgan Stanley, J.P. Morgan, and Cartier.[9]
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History
Foundation and early growth
Servcorp was founded in Sydney in 1978 by Alfred Moufarrige.[5] In 1986, the company introduced its first virtual office services enabling clients to access business addresses and administrative support without leasing physical office space.[10][11] International expansion began in 1987 with establishment of centres in Asia[12] and France,[13] followed by opening in Japan in 1995.[12] Servcorp was listed on the Australian Stock Exchange in 1999,[10] the same year it opened offices in Shanghai, marking its entry into China.[14]
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International expansion
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2000–2014
In the early 2000, Servcorp extended its network through Europe, Asia, and the middle East. by 2003, the company employed more than 130 staff in Tokyo.[15] It opened is first United Kingdom office in 2009 [16] and its first United States office in 2010.[16]
The company entered the Turkish market in 2010, later adding a second Istanbul office in 2011.[17][18] In 2014, Servcorp opened a location in Beijing's Fortune Financial Center and signed a lease for office space in the One World Trade Center in New York City.[19]
2015–2019
From 2015 onward, Servcorp focused on upgrading technology infrastructure and expanding in high-growth regions.[20] in 2017, it announced plans to modernise its office systems and refurbish key sites.[6] The company opened its first German office in Berlin in 2019.[21]
In 2017, the Australian Competition & Consumer Commission (ACCC), a competition watchdog, alleged that the standard form contract used by Servcorp was unfair and pursued court action.[22][23] In 2018, an Australian Federal Court declared that 12 terms in the standard contracts used Servcorp were unfair. As part of the outcome, Servcorp agreed to a compliance program for its Australian business and agreed to pay the ACCC's legal costs.[24]
Recent developments
In 2020, Servcorp opened new offices in One Museum Place in Shanghai, and expanded its existing location in Hobart and Brisbane.[25] In 2021, the company launched a new centre in the Philippine Stock Exchange Tower.[26]
Between 2019 and 2022, Servcorp was affected by COVID-19 pandemic. Global lockdowns and travel restrictions reduced office demand.[27] In response to the pandemic, leading the company to implement cost-cutting measures, reduce staff, and introduce health and safety protocols across its locations.[28] In 2020, the company announced the closure of 12 U.S. locations as part of a reorganisation,[29] while retaining a presence in Chicago, Houston, New York, and Washington DC.[29] The closures formed part of a broader restructuring following a 22% decline in revenue to A$275.7 million.[30]
Following the pandemic disruptions, Servcorp Limited began to recover. In the year 2023, revenue rose around 7%, supported by new openings in the Yanmar Tokyo Promenade Building in Japan and Bell Gully Building in New Zealand.[10] The company continued to expand with an office in Riyadh's King Abdullah Financial District (KAFD) in June 2024,[31] followed by an additional floor KAFD [32] and new locations in Abu Ouf Plaza and Alluqmani Business Center in Madinah in 2025.[32]
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References
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