The Great Room’s first Australian co-working space opens with 71% occupancy
By Timothy Tay
/ EdgeProp Singapore |
Sydney’s coworking sector is sophisticated, and our occupancy rate at opening is beyond our expectations, says Ang.
The Great Room by Industrious, a premium hospitality inspired flexible workspace operator, has opened its first Australian co-working space. According to a press release on Feb 21, the launch of the new workspace in Sydney was met with a ‘groundswell’ of demand and the centre is about 71% occupied.
The Great Room was acquired by US-based flexible workspace provider Industrious in 2022. Global real estate consultancy CBRE has a 40% stake in Industrious.
Located on the 29th floor of 85 Castlereagh Street in Sydney’s CBD, it has attracted a wide range of tenants from the technology, property, financial, and legal services sectors. “Sydney’s coworking sector is sophisticated, and our occupancy rate at opening is beyond our expectations - the groundswell of demand for premium flex space shows us that we have entered the market at the right time,” says Jaelle Ang, CEO and co-founder of The Great Room.
The new co-working space by The Great Room opens with an occupancy rate of 71%. (Picture: The Great Room)
According to Ang, Australian landlords have been keen to work with the co-working operator under a partnership agreement. “Our business model means that 78% of our locations worldwide are not leased under a traditional agreement, but rather under a partnership between the landlord and The Great Room. This puts us on a sustainable growth path,” she says.
The 12,912 sq ft space was secured by The Great Room by Industrious from landlord 151 Property. According to The Great Room, the first members in its Sydney space moved in on Feb 1 and other tenants have been progressively moving in since. “We are looking forward to welcoming additional members, including those in Dedicated Offices from 1 March,” says Ang.
Sydney’s CBD was perfect for our first Australian location, and we are excited to expand our presence, pursuing promising opportunities with landlords and locations that align with our vision, says Ang.
Located on the 29th floor of 85 Castlereagh Street in Sydney’s CBD, it has attracted a wide range of tenants from the technology, property, financial, and legal services sectors. (Picture: The Great Room)
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