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Melbourne Ranks Third Largest Global Market for Flexible Workspace

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Melbourne Ranks Third Largest Global Market for Flexible Workspace

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More businesses are swapping the constraints of conventional office space for coworking and serviced options in Melbourne.

According to a recent report by Instant Offices, Melbourne currently ranks third among the largest markets for flexible workspace globally, alongside global cities like Tokyo, Paris, New York and London. With both corporates and SMEs looking for flex options in prime areas, demand outstripped supply last year, and enquiries for flex space rose by 19% against average supply at 16%.

Australia’s flexible workspace market is one of the most mature, but with interest soaring across cities like Melbourne, Sydney and Brisbane, demand shows no sign of letting up. Last year the market saw double-digit growth, with flexible options now representing up to 5% of overall space

Melbourne is on a similar growth trajectory to New York, which makes it Australia’s second most mature office space market. As the market grows, desk costs are set to reduce as more competitors enter the market, giving businesses even more choice when it comes to reducing costs.

A TimeOut Index survey had revealed Melbournerankssecond as both the world’s most creative city and the happiest city in the world. With an excellent quality of life, a strong economy, great weather, thriving business culture and general lifestyle attractions, the city also consistently ranks as one of the most liveable cities in the world.

Startup Genome lists Melbourne as one of the major startup ecosystems to watch, predicting the city will be among thetop 30global startup ecosystems within the next five years, alongside Moscow and Jakarta.

The fast-growing city provides support for scaling businesses as well as startups. With a diverse business community, a large talent pool and a strong relationship-driven culture, Melbourne is a highly sought-after international destination of creativity, innovation and opportunity.

Average Desk Cost in Melbourne

Area

Average Desk Cost

CBD

$700-750

Docklands

$800-850

Richmond

$650

Southbank

$700

St Kilda

$550-600

 

Evolution of Office Space in Melbourne: More Relaxation Space Needed

The Instant Group Asia-Pacific Amenities Report highlights that the main amenities members want in a coworking space are:

  • 79%said relaxation space: a quiet, non-work space where employees can relax and unwind.
  • 65%said health services: either onsite drop-in clinics or private healthcare schemes.
  • 48%said exercise space: fitness classes or workout space rank third on the list.

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