Tech sector making the most of co-working spaces

Flexibility has had an overwhelming appetite in the last few years, especially after everyone got a taste through the pandemic. Research has revealed that the tech sector value this benefit quite a lot.

This was revealed by co-working space company The Great Room by Industrious, which, prior to opening, had over 60 per cent in pre-commitments, largely driven by offshore tech organisations.

“Many offshore tech groups use Sydney as a launchpad into Australia. They are drawn to our economic resilience, high demand for skilled labour, leading universities and tech research, government programs, connectivity to Asia-Pacific and, of course, the lifestyle Australia offers,” said Josh Alfafara, general manager of The Great Room by Industrious’ Australian operations.

Co-working spaces can be a viable option for organisations looking to increase flexibility. With costs on the rise due to economic uncertainty, it can also prove a suitable money-saving measure for businesses not wanting to pay full-time rent fees for office spaces.

“Co-working is a compelling opportunity for growing businesses and offers unparalleled flexibility. It’s a turn-key solution, enabling them to focus on their core business and plan for growth. There is far greater flexibility than a traditional office lease combined with lower overheads, and on top of that, there is the collaborative benefit of being surrounded by like-minded professionals and providing a community environment for teams,” outlined Mr Alfafara.

“As companies re-evaluate their workspace by right-sizing, many businesses are now looking at the flex sector rather than a traditional office lease – including offshore businesses.”

Many tech companies are making the move to Australia to support their business growth.

“Current leasing conditions in the Sydney CBD are particularly well suited to support further demand for co-working space. Over 50 per cent of office leasing enquiries so far in 2023 have been requirements below 500 square metres. Co-working can offer these firms flexible space options while they gauge their longer-term office requirements,” said Thomas Biglands, CBRE’s research manager.

Babak Pahlavan, founder and chief executive of NinjaTech.ai, commented: “Australia is a beautiful country with a great entrepreneurial culture. We’ve been so thrilled with the depth of high-quality expert technical talent in Sydney that we’ve chosen it as our next growth hub in NinjaTech’s AI journey.”