CreativeCubesCo residency at four times the original forecast

CreativeCubesCo residency at four times the original forecast
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.

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Office Space Coworking

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