Singapore’s JustCo takes on Sydney co-working market
Sydney’s co-working boom is showing few signs of slowing with a new entrant from Singapore taking on the expanding field of local players setting up in the city.
In one of the latest plays, Singapore-based workspace provider JustCo has arrived in Sydney, while the GPT Group’s workplace business, Space&Co, has opened a new venue in a George St tower.
Private player Hub Australia last month also got in on the act, unveiling a coworking – or shared – space in Customs House at Circular Quay.
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Meanwhile, global co-working company WeWork, recently rebranded as The We Company, has about 17 sites across Australia, and is constantly assessing new spaces.
JustCo will forge into Sydney by taking 4200sqm of space at Dexus’s 175 Pitt St, which will also house the new Tiffany & Co flagship store.
Lukas Kaz and Lawson Hubbard of CBRE’s tenant representation team, who acted for JustCo, said the group was attracted to the central location near the CBD’s major retail and dining precincts.
JustCo has been expanding across Asia Pacific, securing sites in cities including Melbourne, and it is now positioned as the largest agile space provider in Southeast Asia
About 40% of major companies plan to use third-party flexible space, CBRE says. “Demand from major corporates looking for both flexible and turn key solutions has been a major driver in the agile working sector,” Kaz says.
GPT’s Space&Co unit will open a new site at 580 George St, Sydney. The space, created by architectural firm BVN, will occupy more than 1000sqm on the building’s tenth floor.
The venue features bespoke workstations, boardrooms, internet connections, private suites and multiple meeting spaces.
GPT national director, flexible workspace solutions, Shey Hooper, said the venue was designed to address growing interest from businesses for flexible workspaces that offer more privacy and digital security.
The co-working trend is national and in Melbourne Space&Co has four venues, while local group The Commons last month announced its fourth location in the city at the iconic QV building.
With 11,000sqm in office stock across Melbourne and Sydney, The Commons plans to build up to 40,000sqm by opening 15 more offices over the next three years.
This article originally appeared on www.theaustralian.com.au/property.