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Servcorp

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]

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]

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]

International expansion

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]

References

  1. ASX Announcement Australian Securities Exchange (ASX), 2024, retrieved 2025-09-29^
  2. ASX Announcement Australian Securities Exchange (ASX), 2025, retrieved 2025-09-29^
  3. Market Announcement – Full Year Results Market Index, Servcorp Limited, 14 August 2025, retrieved 25 September 2025^
  4. Annual Report to Shareholders Market Index, Servcorp Limited, 10 October 2024, retrieved 25 September 2025^
  5. Forty Years And Counting: Servcorp's Long-Serving CEO Alfred George Moufarrige Entrepreneur Middle East, 21 May 2017, retrieved 28 August 2025^
  6. Omri Barzilay. Servcorp Invests \$30 Million To Join The Co-Working Game Forbes, 7 December 2017, retrieved 24 September 2025^
  7. Servcorp Reports Record Full Year Results – Full Year Results Announcement (Year Ended 30 June 2025) Servcorp Limited, 14 August 2025, retrieved 24 September 2025^
  8. Annual Report to Shareholders Market Index, Servcorp Limited, 12 October 2018, retrieved 25 September 2025^
  9. Belanger, Lydia (9 June 2017). “Why This Legacy Company Is Betting on a Glass Highrise Vision of the Flexible Workspace”. Entrepreneur. Retrieved 30 October 2025, from https://www.entrepreneur.com/growing-a-business/why-this-legacy-company-is-betting-on-a-glass-highrise/295559.^
  10. Annual Report to shareholders – Servcorp Limited (ASX: SRV) MarketIndex – ASX Announcement, 12 October 2023, retrieved 22 September 2025^
  11. Amador de San José, Cecilia (31 March 2016). "Interview: Marcus Moufarrige, COO Servcorp, on Pioneering Virtual Offices". Allwork.Space. Retrieved 30 October 2025, from https://allwork.space/2016/03/interview-marcus-moufarrige-coo-servcorp-on-pioneering-virtual-offices/.^
  12. Ben Hall. The heir apparent to a family-run public company on how Servcorp plans to scale-up into the US Business News Australia, 15 September 2017, retrieved 23 September 2025^
  13. Servcorp (Paris) — Société.com Société.com, retrieved 24 September 2025^
  14. Defining the serviced office China Daily, 9 November 2011, retrieved 22 September 2025^
  15. Paul Robinson. Servcorp back at top end of town Theage.com.au, 20 October 2003, retrieved 2016-06-01^
  16. “Half-Year Results Presentation – December 2024,” Servcorp Limited, ASX announcement, 19 February 2025. Retrieved 25 August 2025, from https://www.marketindex.com.au/asx/srv/announcements/half-year-results-presentation-XX584359.^
  17. “Full Year Results Presentation – 2010,” Servcorp Limited, ASX announcement, published 26 August 2010. Retrieved 26 August 2025, from https://www.marketindex.com.au/asx/srv/announcements/full-year-results-presentation-XX603501.^
  18. “Servcorp, İkinci Ofis Merkezini Ödüllü Tekfen Tower’da Açtı.” Haberler.com, 13 April 2011, https://www.haberler.com/ekonomi/servcorp-ikinci-ofis-merkezini-odullu-tekfen-2652706-haberi/.^
  19. Celeste Young. Servcorp Takes 35K SF at 1 WTC Commercial Observer, 26 August 2014, retrieved 25 August 2025^
  20. “Annual Report to shareholders.” Servcorp Limited (ASX SRV). Published 08 October 2015. Retrieved 30 October 2025, from https://www.marketindex.com.au/asx/srv/announcements/annual-report-to-shareholders-2A883734.^
  21. Full Year Results Presentation Market Index, 28 August 2019, retrieved 26 August 2025^
  22. Simon Johanson. ACCC takes on Servcorp over 'unfair' contracts for co-working business tenants The Sydney Morning Herald, 2017-09-26, retrieved 2025-09-03^
  23. Cara Waters. Servcorp slapped with ACCC action over unfair small business contracts The Sydney Morning Herald, 2017-09-15, retrieved 2025-09-03^
  24. Servcorp's business contract terms declared unfair Australian Competition and Consumer Commission, 2018-07-13, retrieved 2025-09-03^
  25. Annual Report to shareholders – Servcorp Limited (ASX:SRV) Market Index, 1 October 2020, retrieved 28 August 2025^
  26. Annual Report to shareholders – Servcorp Limited (ASX: SRV) Market Index, 8 October 2021, retrieved 28 August 2025^
  27. SRV: ASX Announcement – Appendix 4E & Full Year Statutory Accounts Market Index, 26 August 2021, retrieved 3 November 2025^
  28. COVID-19 update Market Index, 3 April 2020, retrieved 3 November 2025^
  29. Fuary-Wagner, Ingrid (29 June 2020). "Coronavirus the 'last straw' for Servcorp in the US". The Australian Financial Review. Retrieved 3 November 2025 – via https://www.afr.com/property/commercial/coronavirus-the-last-straw-for-servcorp-in-the-us-20200629-p5576m.^
  30. SRV: ASX Announcement – Market Announcement Full Year Results Market Index, 26 August 2021, retrieved 3 November 2025^
  31. Servcorp boosts Saudi business landscape with KAFD expansion Arab News, 22 June 2024, retrieved 25 August 2025^
  32. Annual Report to shareholders Market Index, FinTech Equity Pty Ltd, 9 Oct 2025, retrieved 27 Oct 2025^