This article is from the Australian Property Journal archive
CO-working space provider JustCo, is pre-leasing flexible workspaces within Cbus Property’s new Collins Arch development in Melbourne, hoping changes to workplace habits will attract more casual arrangements.
The Singapore based group will operate across 4,500 sqm over two floors, where the $162 billion Future Fund has already committed to housing more than 100 staff.
Founder and CEO of JustCo, Kong Wan Sing, believes companies will seek more flexible working arrangements now that they have seen the benefits during COVID-19.
“As we navigate the next phase, companies are examining what their new ‘business as usual’ looks like and how they can future-proof their workspaces. We have built our business on the ability to meet a variety of workplace needs at scale, combining flexible working arrangements with prestigious real estate and collaborative opportunities.”
However, the pandemic has halted the stratospheric rise of the coworking sector, with prices falling for the first time in a decade across major cities in the Asia Pacific, as operators try to retain existing customers as well win over new ones.
Melbourne and Sydney co-working prices have held up relatively well. In Melbourne, the number of centres grew by 9% to 260 and the average workstation rate increased 5% over the 12 months to US$478, but high volumes of supply coming to the market have put upward pressure on vacancies.
While the $1.25 billion Collins Arch complex, located at 447 Collins St, is one of a number of major mixed use projects that have reached completion this year, its 49,870 sqm of office space was fully leased prior to completion.
