Every company has its own story before reaching the peak of its success.
From the moment an idea is formed, to when it becomes a pioneering path to global recognition is what defines a company.
For Servcorp it started with the CEO of the company, Alfred Moufarrige, who at the time was an entrepreneur and recognised the value of sharing his space and team with other businesses to save costs while working efficiently.
From this simple yet revolutionary idea, Servcorp was founded in 1978 and the concept of a virtual office was pioneered by Alfred Moufarrige in 1980.
One of the biggest complications for businesses has always been the ability to secure space and have a full team to delegate to, and this is where Alfred Moufarrige’s entrepreneurial mind devised a solution.
Timeline to global success
Within the first year of operation, Servcorp expanded into two floors at MLC Centre in Sydney Australia, and then occupied its first location in Melbourne. Between 1987 and 1994 is when Servcorp envisioned greater opportunities and stepped into Asia, establishing locations in Singapore and Japan.
During the same timeframe it established its IT division which has been the driving force behind Servcorp’s success and is the biggest differentiating factor between its competitors. Servcorp’s IT infrastructure has allowed smaller businesses to greatly benefit from its enterprise level technology, as it enables instantaneous presence in any market while providing the highest level of security.
Fastforward to 2022, and Servcorp is now in 150 locations across 23 countries. With operations in countries such as Japan, United Kingdom, United States, Hong Kong, China, Singapore, United Arab Emirates, Saudi Arabia and many other locations, Servcorp’s expansion has been significant yet strategic.
Servcorp now extends its advanced technological developments to its coworking, serviced office and virtual office clients, making its services the most valuable solution any space provider can offer.
Market growth
The commercial space provider was officially listed on the Australian Stock Exchange market (ASX) in 1999 and has since been one of the most profitable, stable and reputable competitors in the industry.
In 2021, Servcorp’s market cap reached the value of AUD $350 million. In a time when Covid had rendered many commercial space providers in the likes of stepping in quicksand, Servcorp was able to progress regardless of the stagnant market.
As of 2022, Servcorp is yet again on an upwards trajectory and recently reported a profit of $137.7 million. This line of progression is expected to steadily increase as Servcorp will soon announce the arrival of its complete Hybrid Office solution.
The safest and most reputable commercial space provider
For Servcorp to succeed, we need our clients to succeed.
This simple fact reassures businesses that we provide them with the 5-star corporate presence they require without the multi-million dollar spend.
One of the major benefits our clients receive, is knowing that everyone around them is a legitimate business. Servcorp's thorough compliance checks guarantees that our client base is only comprised of genuine businesses. So whether a client is coworking, using a dedicated desk or a serviced office, they can have pride in knowing their environment is full of like-minded professionals.
This not only is a great opportunity for business owners to network with others and gain valuable insight, but is also a chance to potentially earn new clients for themselves.
Although many commercial space providers have had to close several locations as a result of being unable to pay rent, Servcorp has remained strong.
Servcorp has never missed a payment to its landlords and has never been in a monetary deficit since being an ASX listed company. Our average lease commitment period of 9 years, and average stay in any location for over 15 years, is why our clients feel comfortable when selecting any office site to work from.
For Servcorp, the stability of our clients has and always will be our priority.
About the authors
Sophia Huang and Amelia Warren are both Sales and Operations Managers at Servcorp.
Sophia's 12 years of dedicated effort of managing International Towers Barangaroo, and Amelia's 1 year of enthusiastic commitment towards the growth of Chifley Tower make them remarkable team members of Servcorp.
