WeWork is slowly making its way back into expansion mode with new spaces across Melbourne and Sydney.
Originally, the coworking company was looking to take up 20,000 square meters of space on Market Street in Sydney. Now, it is being indicated the company will take up 5,000 square meters at the same location.
“Local growth has always been disciplined, organic and demand driven and we are continuing to prioritise this strategy in 2020,” said Lachlan Buchanan, head of real estate at WeWork Australia and New Zealand. “Rather than a ‘build it and they will come’ approach, we’ve always underwritten new buildings based on demand. We’re on track to maintain our market share this year and are laser focused on delivering unparalleled member experience.”
Currently, WeWork operates 23,000 square meters in Melbourne and occupancy levels are at around 90% at these locations.
In Sydney, the company opened a new location on Sussex Street, with plans to open three more facilities on Pitt Street in Sydney, Queen Street in Brisbane and Auckland, New Zealand.