4 • THE CAMBERWELL CITIZEN • ISSUE #18
WORKPLACE OF THE FUTURE Co-working spaces have evolved into sophisticated working environments that offer flexibility and benefits – and demand is soaring.
Eclat offers a stylish co-working space
The way Australians work is changing dramatically, and so too must our workplaces. An increase in flexible working and operating arrangements is driving demand for co-working spaces, professional hubs where workers from different companies share an office space. These casual environment offices are no longer just the domain of free-spirited freelancers and start-ups, with corporate companies recognising the social and commercial benefits. As more Aussies turn to co-working spaces as an alternative to working from home, the sector is tipped for major growth in the next five years.
“However, the recent surge in demand for co-working spaces can be attributed to businesses transitioning away from traditional commercial leases in favour of the flexibility and convenience provided by a network of co-working spaces.” Coworking Mag reports that by the year 2030 about 12 per cent of all the commercial spaces in Australia will turn into co‑working zones. Last year, Mordor Intelligence valued Australia’s co-working office spaces market at USD$1.3 billion and projected the domestic co-working market to have a compound annual growth rate of more than 6.5 per cent in the next five years. While co-working is not a new concept, the sector has experienced accelerated growth thanks to the pandemic.
RISING DEMAND FOR CO-WORKING According to the Global Coworking Growth Study 2020, an estimated five million people will be based in 40,000 co‑working spaces worldwide by the end of 2024. There are co-working spaces in every major city around the world. Not surprisingly, the majority of Australia’s co‑working spaces are in Sydney and Melbourne. “The demand for co-working spaces in Melbourne has consistently grown, primarily driven by businesses recognising the benefits, cost savings and operational efficiencies they offer,” said Robbie Materia, product marketing manager at Waterman Workspaces, which has seven locations across the city including the newest in Camberwell Junction.
CITIZEN
Waterman Workspaces has opened in Camberwell Junction
Nick Maxwell, CEO of Eclat
