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The popularity of coworking spaces seems set to continue in 2024 as a new player in the Australian market announces that its forthcoming inner Sydney office is more than half-filled.
Global coworking brand The Great Room is moving into Australia with its Hyde Park adjacent venture opening in Sydney in January 2024.
The firm, which is known for its high-end, hospitality-led offerings, has reported that its new office has already surpassed 50 per cent pre-commitment, showing that the coworking trend isn’t set to slow, even with the bankruptcy of coworking populiser WeWork making its way through the US courts.
It also shows that luxury staff amenities will also continue to find favour with businesses seeking out office space, as The Great Room, which was acquired by coworking giant Industrious in May 2022, focuses specifically on the premium market.
The inner-city space located at level 29 of 85 Castlereagh Street will so far be populated by companies from the technology, property, financial services, and legal services sectors.
When the space welcomes its first workers, it will become The Great Room’s 10th offering in the Asia-Pacific region, already hosting six in Singapore, two in Bangkok, and one in Hong Kong. Parent company Industrious, meanwhile, boasts more than 160 coworking venues in 65 cities, which can be accessed by anyone with a Great Room membership.
According to Josh Alfafara, The Great Room’s general manager of Australian operations, the firm is aiming to bring a unique offering to Sydney’s office market, which is shaping up to be a preferred place for the tech sector – an industry that has been increasingly favouring flexible coworking arrangements over traditional office leases.
According to a report from CBRE, Sydney is the largest office market in Australia and already leads the country in terms of flex availability, accounting for 3.2 per cent of coworking spaces nationally driven largely by tech firms, multinationals and freelancers.
What will set The Great Room apart, according to Mr Alfafara, is its focus on wellness and community building within a working environment.
“We play an active role in promoting learning and development while encouraging our members’ mental and emotional wellbeing. We also foster community amongst our members through curated events and experience – our mission has always been to bring more inspiration and connection into the workplace,” he said.
Mr Alfafara said the firm has been receiving interest from Australian companies prepared to offer luxury perks in order to get their employees back to the office.
“The amenities and experiential benefits provided by coworking spaces such as The Great Room have been a significant factor in the ‘flight to quality’ that we’re witnessing within Sydney’s office market. It’s important for businesses to ‘earn the commute’ if they’re seeking to attract and retain top talent,” he said.
The Sydney space will feature highly finished interiors by award-winning Hassell architects, with 35 dedicated offices and collaboration areas, as well as a bar overlooking the park. Key amenities include enterprise-grade technology, meeting and event spaces, shower facilities, a weekly Breakfast Club, networking drinks and learning and lifestyle events.
And according to Mr Alfafara, the firm’s venture into Sydney is just the start, with the company planning to open locations elsewhere in Australia by the fourth quarter of 2024.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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