Who knew about virtual office spaces back in the day? The pandemic has changed the entire dynamics of renting a virtual office. Post-2020, they have revved back into existence and positioned themselves to new heights. Talking about co-working spaces, for instance, is predicted to maintain and sustain a CAGR of approximately 12% through 2025. On the other hand, virtual office elements like meeting rooms and rented day offices will also witness a similar growth trajectory.
2023 is the year!
As companies institute return-to-office policies, major sectors have recognized a return to pre-pandemic, where the staff spent hours driving to and fro five days a week. In this case, hybrid work models have created a stir and are an ideal alternative for better productivity.
Also, workers spend part of their entire week working from assigned business workspaces and the rest of the week operating from their co-working or office space. This does not end here. They spend the rest of their time in an office’s proximity.
A few businesses also elected to eliminate or reduce permanent office space that falls with extended leases, costs, and whatnot. Such an action has elected the use of virtual office spaces and addresses. You can choose between the best registered office address service provider to tackle such situations. As a consequence, for a growing number of staff members, remote work and opportunities have become a new normal and are in practice worldwide. One such study by WFH research has stated that over 30% of workers from the United States will qualify for hybrid opportunities, and close to 15% will work remotely.
What does the research say?
This has been a dramatic transformation from what was under practice before the pandemic when WFH models or cultures accounted for 5% of the entire workforce. This adds up to approximately half of the jobs remaining hybrid post-pandemic.
- Many businesses like Buffer, The Wanderlust Group, and Bolt have dabbled into 4-week work days when staff work changes.
- Yet another research piece by LinkedIn on Global Talent Trends in 2022 shows workers driving these flexibility changes. The research quotes that top-priority employees picking a new job opportunity is work-life-balance (62%), coupled with benefits and compensations (60%) and culture productivity and colleagues close to (40%).
For companies that offer employees a significant amount of flexibility, the returns have increased positivity and productivity, better retention rates and lower turnover, and a healthier and more satisfied workforce.
Professionals Gaining the Most from Virtual Office Spaces
Virtual offices are advantageous for many workers and industries, though not everyone. For instance, manufacturing requires people to be physically available within the facility. The same goes for hospitality, travel, retail, transportation, and many others. Most people in such industries should be in the office to work and fulfill their responsibilities. More so, the line of demarcation considerably falls across the white and blue collar employees, with the former needing to be in the facility and the rest having much significant latitude concerning where and when they operate.
The list includes a brief overview of businesses achieving more excellent value from virtual office spaces.
1. Startups in Professional Services and Technology
Startup businesses have many things to gain from virtual office spaces. Being locked into extended leases for fixed workspaces comes with several demerits. Being said, most spaces that startups afford are outside regions or locations that garner acclaim or regard. More so, they do not imbue the first impressions as well.
Second, startup businesses spend more on workspaces they do not require in the first place. In the end, permanent spaces are expensive and can take a lot of a company’s income flow that could be integrated into product development and workforce management.
2. Healthcare Firms
Telemedicine advocacy took the center-stage during the Corona period, which is sure to remain one of the preferred methods of treating and diagnosing specific patients. As a result, it led several doctors and therapists to downsize their physical space, with nurses, doctors, and admins electing to organize and accommodate meetings in rented virtual spaces; use cases range from employee meetings to consultations, to interviews concerning job candidates, to various other non-health meetings.
Today, many healthcare meetings, events, and functions occur in virtual spaces: cash posting, accounts receivable and payable, clinical and physician advisory services, denial management, analytics, customer service, IT support, and much more.
3. Financial Services
Similar to healthcare, financial services also witness significant advantages from virtual offices. One of the recent surveys stated that approximately 30% of financial businesses had employees working remotely. This saw a massive rise of 70% during the pandemic period.
Further, apart from known benefits, financial services firms gain other advantages from virtual spaces, locations that attract respect and produce superb first impressions.
4. Legal Firms
Law firms need quite a professional-looking space to accommodate meetings and bounce-backs. However, permanent spaces are expensive. Even though legal businesses saw historic profits the previous year, industry experts predict that a similar growth level will be challenging to sustain in 2023. This is where space optimization occurs, where legal firms are moving remotely and operating from their home offices.
5. Freelancers and Solopreneurs
Freelancers are more obvious professionals that strike us whenever the subject constitutes home and virtual office spaces. For many solopreneurs and freelancers, a permanent space makes no sense. In this case, virtual office spaces can be pretty handy and professional for their potential clients.
6. Real Estate Professionals
Virtual spaces are for real estate professionals too. The importance of real estate presence might be significant, but they need long-term commitments. That’s why the industry is going remote and renting virtual spaces instead of investing heavily in the land to handle frequent client meetings and updates.
The final word
As entrepreneurs, businesses, and freelancers return to in-person meetings and offices, permanent and virtual offices will play a huge part. Consequently, there are several options regarding virtual office providers, and it’s imperative to locate the right provider.
