New Market Insights: Australian Flexible Office Space Report - Q3 2023
From operator expansion, national pricing trends, and the outlook for flex space in 2023, here is your full overview of the Australian Flexible Office Market.
Explore The Latest Flexible Offices That Have Opened in Q2, 2023
|Median Office Rate Per Person||$967|
|Median Coworking Desk Rate Per Person||$611|
|Flex Floorspace Available (sqm)||40,685|
|Available Desk Capacity||7,283|
As an industry leader in hospitality-led coworking, The Great Room by Industrious at Castlereagh Street will redefine the coworking experience with impeccable design, top-notch amenities, and unparalleled attention to detail, catering to Sydney's thriving business community. Located at Level 29, 85 Castlereagh Street in Sydney's CBD, this venture is made possible through a strategic partnership with renowned asset manager 151 Property.
Set to open in mid-2023, Hub Martin Place will feature a state-of-the-art facility accommodating 400 desks designed to create a holistic workspace experience that meets the evolving needs of professionals. In addition to providing exceptional workspace solutions, Hub Martin Place will offer an array of world-class amenities, including a dedicated business lounge, an aperitivo bar serving a curated menu, and a lifestyle concierge to cater to members' needs.
The newly opened Sydney Place Centre offers professionals a flexible and purposeful work environment. Spanning 23,000 sq. ft across two floors, this stunning centre showcases panoramic views of Sydney Harbour Bridge and Opera House. Bridging the gap between home and office, it provides small businesses with an iconic setting to thrive.
Upcoming in Sydney
Work Club at 101 Miller Street will offer over 2,000 sqm of flexible workspace across 2 premium floors.
With more details to come, The Commons will expand its Sydney presence with a new location at 32 York Street in December 2023.
|Median Office Rate Per Person||$716|
|Median Coworking Desk Rate Per Person||$500|
|Flex Floorspace Available (sqm)||24,215|
|Available Desk Capacity||4,484|
WorkClub, a leading workspace provider, has recently opened its latest location at 380 St Kilda Road in Melbourne. This impressive 15-level commercial building offers 1,272 square meters of premium workspace. Under the guidance of renowned design firm Architectus, the building has undergone notable refurbishment, introducing luxurious end-of-trip facilities and an elegantly redesigned ground floor area.
Hub Australia recently introduced a new offering called Hub Local in Box Hill, a state-of-the-art three-level workspace. Developed in partnership with Vicinity Centres, this innovative work-near-home solution aims to elevate work-life balance, reduce commuting time, and enhance overall productivity for professionals in the area.
|Median Office Rate Per Person||$600|
|Median Coworking Desk Rate Per Person||$368|
|Flex Floorspace Available (sqm)||7,440|
|Available Desk Capacity||1,412|
Despite a lack of coworking operator expansion in Q2, 2023, Brisbane has witnessed substantial growth in the coworking industry over the past two years. This growth is exemplified by the introduction of new premium offerings such as MoboCo and Cirque by Centuria.
Additionally, existing coworking operators have seized the opportunity to expand their presence in Brisbane, as evidenced by Workspace365's launch of a new location in Brisbane's West Village.
The recent increase in pricing from $676 to $707 in the last quarter indicates a heightened level of competition within the market, which can be attributed to the growing demand and limited availability of coworking spaces.
Take a look at Mobo Co today:
|Median Office Rate Per Person||$743|
|Median Coworking Desk Rate Per Person||$497|
|Flex Floorspace Available (sqm)||3,995|
|Available Desk Capacity||735|
Hub Australia is set to enter the Western Australian market for the first time in 2025. The first location, Hub Elizabeth Quay, will offer two levels of flexible workspaces and building hospitality services at Nine The Esplanade, a prominent waterfront landmark in Perth's CBD. The second location will provide four levels of flexible workspaces and Building Hospitality services at Brookfield Place on St Georges Terrace, an iconic commercial destination. This expansion reinforces Hub Australia's commitment to supporting professionals in Perth and delivering exceptional workspace solutions.
|Median Office Rate Per Person||$0|
|Median Coworking Desk Rate Per Person||$0|
|Flex Floorspace Available (sqm)||0|
|Available Desk Capacity||0|
Canberra, being the second smallest Flexible Office Market in Australia, has experienced a slow expansion of coworking operators in the city. In contrast to the over 500 available coworking and private offices listed in Sydney, Rubberdesk currently offers just over 80 options in Canberra.
This limited supply and slow operator expansion have contributed to relatively unchanged pricing, although economic pressures and inflation have led to a modest increase from $500 to $575 per person per month.
Despite these constraints, Canberra still presents a reasonable selection of 17 operators to choose from, including well-known names such as Work Club Global, Wotso, Hub Australia, and Servcorp.
Check out WOTSO Workspace:
|Median Office Rate Per Person||$582|
|Median Coworking Desk Rate Per Person||$425|
|Flex Floorspace Available (sqm)||3,505|
|Available Desk Capacity||654|
Adelaide, being the smallest flexible office market in Australia, offers a modest selection of only 75 available coworking and office spaces listed on Rubberdesk. However, what sets the Adelaide market apart is the diversity of coworking operators. In addition to larger players, there is a notable presence of smaller independent spaces such as Business Hub, Spot Coworking, Mache, Wilkin Group, and The Innovation Factory.
With the limited availability of premium offerings and operator expansion, pricing in Adelaide has remained relatively stable. In the previous quarter, there was a slight increase from $600 to $644, influenced in part by economic factors. While the market may be smaller in scale, Adelaide provides a unique range of coworking options, catering to a variety of needs and preferences within the local business community.
Check out Spot Coworking:
As specialist brokers in the flexible office market, Rubberdesk is across all the options, offers and availability. We have real time pricing for thousands of spaces listed by hundreds of providers to help find your next office.
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