Large Firms Adopt Coworking Spaces In Sydney

Large Firms Adopt Coworking Spaces In Sydney

AUSTRALIA – Sydney is one part of the world where there has been a prominent rise in the demand for coworking spaces. Today, as the global coworking market expands, countries across the globe are reporting high growth in these spaces.

While previously, more startups were choosing these spaces in Sydney and opting for them, today, a higher number of larger companies are opting for these office spaces. Apart from the many reasons of cost saving and efficiency, these spaces are preferred for they don’t even involve long leases and contracts. They are easy to get and help companies save a lot of money in the short run especially.

CEO of ID Exchange, a privacy-enhancing technology company, Jo Cooper, decided to rent a coworking space when she launched her company instead of going for a private office space. Her coworking space was located in Stone & Chalk. While speaking about her decision, Cooper signified the fact that she got out of the large set ups and knew that it would be a little challenging to be a part of the traditional environment because it could get ‘lonely’. She wanted to be with people of the same mindset and be shoulder to shoulder with them so that they can embark on similar journeys. Cooper, while commenting on how well the situation worked, said, “It worked out extremely well”.

Stone & Chalk’s chief executive Alex Scandurra loves to hear such positive things about his space from his customers and why not. His building is currently operating in Sydney, which allows people to share the same culture and values. Their space is home to 95 fintech, data science, Internet start-ups and 450 residents.

Scandurra, while speaking about the benefits of coworking spaces for startups and large firms, said, “There is a huge demand for co-working lifestyle now and it offers many benefits for tech-based startups”. While commenting further, he said, “We are running conferences, courses, mentor programs and other initiatives to help commercialize and upscale their products and services”.

Scandurra also revealed that there is a high demand at the moment and they are expecting 500 additional people by the end of this year. For that he said, there might be a need to have additional space.

Across Australia, coworking spaces have grown by nearly 300% since 2013. There is now 193,000 square meters of six capital cities in the realm of coworking spaces. The highest rise in these spaces has been observed in Sydney, which is a 65% rise since 2017. There is also no doubt that the rise will continue in the coming run as well. According to a poll of real estate executives in 2017, 50 corporate real estate execs said that they are planning to start using coworking spaces.

Coworking spaces have grown immensely in the UK and US, more than how they have grown in Australia. However, it is a firm belief that Australia will catch up in the coming future.

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