CreativeCubesCo residency at four times the original forecast
Two months in from its September launch, CreativeCubes.Co residency is at four times the original forecast.
Over 40 percent of its 350-seat capacity has been snapped up with members including Uber Eats, Hummingbird Superfoods and Legalite Lawyers.
The facility’s state-of-the-art event space is also regularly used by advertising powerhouse REA Group and AirBNB, with plans to open a second hub in February.
That Hawthorn development is already at 25 percent capacity before its construction.
Key stats to support an angle around the success of Melbourne’s co-working market:
- The number of co-working spaces in Melbourne has grown by 35% in the last year (Knight Frank); are they now at a point of affecting the city’s real estate?
- After launching in Building X (former Xerox HQ in the heart of Church Street’s commercial precinct), CreativeCubes.Co is already at 42% capacity - just two months from launch
- Its next Hawthorn hub will open door in February, already at 25% capacity before opening - highlighting an appetite for a new way of leasing property
- CreativeCubes.Co plan to open 3-5 more office spaces (nationally) in the next 18 months
JLL office leasing manager Matt Brown-Graves looked after the Cremorne lease.
“Three years ago, there were about 10 co-working spaces in Victoria - now there are over 80. Before they even open, we are seeing 40-50% occupancy rates, with building spaces spanning from 500-7000sqm," Brown-Graves said.
"The city fringe market, particular Richmond, has been crying out for these share offices, which is why they are seeing success.
“We are seeing a significant increase in enquiries from both major global and local boutique operators.