co working giant iwg opens sydney cbd centre

Co-working giant International Workplace Group has committed to its 10th flexible workplace centre in Sydney as demand for shared, collaborative spaces surge.

The London Stock Exchange-listed group, worth $3.9 billion, is the parent company to the global co-working brands Regus and Spaces.

The flexible working space provider has opened its latest centre, a 1,828sq m Regus-branded work space at 680 George Street.

The building, owned by Brookfield Properties, benefits from unrivalled views of the CBD and the Sydney Harbour.

“The new centre aligns with the changing dynamics of this part of the city that has the non traditional World Square lifestyle that extends beyond the nine to five,” IWG development director Simon Van Grootel said.

Related: WeWork Expands Sydney Footprint with 12 Year Lease

“Demand for co-working spaces is ramping up across Australia. Spaces sites in Richmond and Surrey Hills are operating at 100 per cent occupancy,” IWG chief executive Damian Sheehan said.

The growth of flexible work, which incorporates co-working, serviced offices and third spaces, has been strong within Sydney’s CBD over the past 12 months, with 34,000sq m of additional floor space committed to this year – a 38 per cent increase.

Colliers International director of tenant advisory Rowan Humphrey secured the new centre for IWG after identifying an undersupply of flexible workspace operators.

“While not all committed space may be complete or open yet, [we] are still lagging other global cities like New York and London making us believe there is still room for continued growth in the Sydney flexible workspace market,” Humphrey said.

The new Regus Centre will open at 680 World Square in January 2019.

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