Servcorp boss Alf Moufarrige singled out working from home as a bright spot in his COVID-hit business, saying selling services to the increasing legion of people doing work outside a traditional workspace was a growth area for operators with the infrastructure to support those clients.

Servcorp, a pioneer of the serviced office industry, said it was materially impacted by COVID-19, with occupancy dropping seven percentage points to 69 per cent at year end during the fourth quarter.