The Flex Office Industry Continues to Grow Despite Work From Home Set-Backs

flexible office space continues to grow in australia

Since its inception in 2021, Flexible Workspace Australia (FWA) the industry body for the Coworking and Flex office space industry in Australia, now has over 80 members, 260 workspaces and the support from 12 sponsors across all states and territories. As the flex market stabilises and business confidence returns, FWA expects its membership base to continue to increase. 

According to leading flex platform Rubberdesk, demand across all CBDs has increased over the last three months, boosting confidence amongst Workspace Operators. As demand continued to grow across NSW, prices in Sydney rose 4.5% to settle at $900 per person QoQ, after reaching a new pre-pandemic high of $930 in May.

“Quality Flex office space has been in high demand throughout 2022 and Q2 showed no signs of slowing. In response to the high demand, office prices have risen, from the lows of 2021 and we expect that trend to continue.” Said Jim Groves, CEO of Rubberdesk.

Flexible Workspace Australia has rallied industry engagement through national events, panels and workshops. Since September 2021, FWA has organised 22 events open to both members and those in the industry. FWA has partnered with Future Place for the 2nd Annual REwork Summit to be held at Sofitel Wentworth from 7-8 September 2022.

“The events provided by FWA in conjunction with its sponsors and supporters have been  an important part of the resurgence of the industry.” Said Fiona Mayor, Co-Chair FWA and Director of The Thrive Network

“The engagement from operators around the country and their positive feedback regarding the value and importance of the association in navigating a return to work post-pandemic, shows optimistic industry sentiment moving forward.” 

According to Rubberdesk’s Q2 Market Updates, there has been strong industry expansion amongst FWA workspace members based in Sydney, Melbourne and Brisbane.

In Sydney, The Executive Centre opened its new flagship location at Angel Place and The Work Project opened its first Australian location in Sydney’s new Quay Quarter Tower. 

In Melbourne, The Executive Centre announces its new Collins Place location in the Melbourne CBD, Hub Australia partners with Vicinity to offer premium workspaces in Box Hill Centre, and Workspace365 is set to open at 60 Moorabool Street in Geelong later this year.

“We are seeing a strong increase in demand for flexible office space returning to the Melbourne marketplace in the CBD, however weekly foot traffic on Monday and Fridays are significantly slower than before the pandemic.” said Michael Benson, CEO of Workspace365

“Noticeably is the change in work arrangements with many businesses now requiring employees to work in the office 2-3 times a week. We are also seeing growth in demand for coworking and private offices in suburban spaces.” 

Brisbane’s newest coworking operator MOBO Cowork opens in the brand new MOBO building towering above South Bank, and Spaces opened two new locations in Fortitude Valley and the CBD.

Rubberdesk’s June 2022 Market Report found that for a second consecutive quarter, the amount of vacant flexible office space fell nationally to 156,875 sqm after months of work from home requirements eased. Fueled by higher prices in Brisbane and Sydney, up 12.7% and 4.5% respectively, the national price to rent a desk in a private office space edged upwards by 2.2% to $613.

Find out more here in the Rubberdesk Australian Flex Office Space Report June 2022

 

 

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FLEXIBLE WORKSPACE AUSTRALIA

Flexible Workspace Australia is the peak body for coworking and flexible workspace providers and partners across all cities and regions of Australia.

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