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Servcorp

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Servcorp Limited
Company typePublic
ASX: SRV
IndustryServiced Offices
Founded1978; 47 years ago (1978)
FounderAlfred Moufarrige
Headquarters
Sydney
,
Australia
Number of locations
150+ locations
Key people
Mark Vaile - Chairman[1]
Alfred Moufarrige - CEO[2]
David Hunt - CFO[3]
Daniel Kukucka - CIO[4]
ProductsVirtual Offices, Serviced Offices, Meeting Rooms, and Coworking Spaces
Websitewww.servcorp.com

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

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Foundation and early growth

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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

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2000–2014

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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

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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

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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

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  1. ^ "ASX Announcement". Australian Securities Exchange (ASX). 2024. Retrieved 29 September 2025.
  2. ^ "ASX Announcement". Australian Securities Exchange (ASX). 2025. Retrieved 29 September 2025.
  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. ^ a b "Forty Years And Counting: Servcorp's Long-Serving CEO Alfred George Moufarrige". Entrepreneur Middle East. 21 May 2017. Retrieved 28 August 2025.
  6. ^ a b Barzilay, Omri (7 December 2017). "Servcorp Invests \$30 Million To Join The Co-Working Game". Forbes. 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. ^ a b c "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. ^ a b Hall, Ben (15 September 2017). "The heir apparent to a family-run public company on how Servcorp plans to scale-up into the US". Business News Australia. 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 (20 October 2003). "Servcorp back at top end of town". Theage.com.au. Retrieved 1 June 2016.
  16. ^ a b “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. ^ Young, Celeste (26 August 2014). "Servcorp Takes 35K SF at 1 WTC". Commercial Observer. 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. ^ Johanson, Simon (26 September 2017). "ACCC takes on Servcorp over 'unfair' contracts for co-working business tenants". The Sydney Morning Herald. Retrieved 3 September 2025.
  23. ^ Waters, Cara (15 September 2017). "Servcorp slapped with ACCC action over unfair small business contracts". The Sydney Morning Herald. Retrieved 3 September 2025.
  24. ^ "Servcorp's business contract terms declared unfair". Australian Competition and Consumer Commission. 13 July 2018. Retrieved 3 September 2025.
  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. ^ a b 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. ^ a b "Annual Report to shareholders". Market Index. FinTech Equity Pty Ltd. 9 October 2025. Retrieved 27 October 2025.
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