This article is from the Australian Property Journal archive
BROOKFIELD and Oxford Investa’s redeveloped 388 George Street will see four floors occupied by co-working operator, The Commons, as flexible workspaces carve out more space across the country.
The Commons has secured around 4,000sqm of the $200 million, late 2020 completed, Brookfield and Oxford Investa Property Properties (OIPP) co-owned commercial offering in Sydney’s CBD.
“We recognised early in the redevelopment of 388 George Street that given the location and atrium design, the building would be well suited for a flexible space offering,” said Danny Poljak, executive vice president and co-head of Brookfield Properties.
Current commercial tenants at the site include Core Logic, Aware Super, QBE, ECP Asset Management and Johnson Partners, with retail offerings including Locali by Romeo’s, Bally and Sneakerboy.
“The Commons’ plans for its space – which will include flexible meeting spaces for our other office tenants – will be a great attraction for the building. We look forward to The Commons opening their doors early next year,” added Poljak.
With The Commons set to occupy space from the mezzanine to Level 3 of 388 George Street, this 8th location will become the operators largest.
“With flexible workspace booming, we can’t wait to expand our community and bring the best of The Commons to Sydney’s CBD,” said Cliff Ho, co-founder of The Commons.
Other providers in the sector have also been expanding their offerings in the co-working space, with CreativeCubes.Co launching a new Melbourne location in Carlton’s Lygon Court, while in Brisbane Hub Australia is launching its own largest offering.
Elsewhere in the sector, WeWork recentlylaunched its on-demand service in Australia, with Switch launching the world’s first workspace on-demand platform to the country in May.
Meanwhile, listed provider Wotso Property reported a $12 million lift in annualised turnover to $21 million, as more businesses adopt hybrid working models.
With plans to launch operations in early 2022, The Commons plans to work with local designers in establishing the space.
“Oxford Investa Property Partners is excited to welcome our latest tenant, The Commons, to 388 George Street in 2022,” said Nicole Quagliata, fund manager at OIPP.
“This major lease deal demonstrates the strong demand in the market for well-located, high-quality commercial office spaces in the Sydney CBD, which provide tenants with the amenity and community that they are seeking from their work environment.”
