Australia’s coworking space market has grown by 297% over the last five years according to a new report from Herron Todd White (HTW), with Melbourne leading the pack.
Coworking spaces occupied 193,190 square meters from 2013 and 2017 across six cities.
The Property Council of Australia’s Office Market Report also revealed that Melbourne’s CBD office vacancy rate reduced to 4.6% over the six months to January 2018, making it level with Sydney’s CBD for the lowest vacancy rates across all of Australia’s business districts.
The HTW report stated this reduced vacancy is mostly due to the high absorption rate of Melbourne’s office stock.
The report also suggests that investor demand is strong for assets that are between $5 million to $50 million within the CBD and suburbs.