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Jonathan Price – CRE & Flex Expert
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Australia, July 20 — A new 100% Australian owned and operated brand, Workspace365 has been formed to take on the major overseas brands in the rapidly expanding Australian serviced office and co working market.
Workspace365 has been formed by merging Ultimate Office Solutions in Sydney (UOS), CSBC in Melbourne, and The Workstation in Brisbane. The business operates in 20,000m2 in 12 prime CBD locations in Sydney, Melbourne, and Brisbane and boasts about 3,000 workstations, making it the 3rd largest player in Australia with over 55 combined years of successful operations. Workspace365 is a corporate provider with a proven track record of satisfying local and international clients. It has a strong focus on growing its footprint further across Australia and Asia and expects to be expanding further in Sydney Melbourne and Brisbane. Workspace365 Locations are generally unbranded, which our clients value as part of our customer focused offering.
The merged operations will provide existing and new clients greater choice of locations for meeting room bookings, business lounges, serviced offices and coworking desks, as well as a suite of virtual office services. Their new website www.workspace365.com.au is live as of July 1st.
The flexible workspace model is the darling of office markets around the world, growing more than 20% each year with corporates and startups recognizing the value of turn key offices with no capex and no lease liabilities to disclose on the balance sheet. All the fit out, technology, and infrastructure is provided within leading edge designs and contemporary environments all aimed at enhancing the elusive work/life balance with creative break out spaces. Major banks, governments, Fortune 500 companies, startups, and a myriad of traditional office clients are now benefiting from this business model where clients can simply book online and drop into any of our locations and use our business lounges and meeting rooms at in house rates.
Joint CEO, Brian Challen said that clients stay for 4 – 6 years on average and reap significant benefits from the flexible workspace model, which enables rapid growth with short term licenses. “Mostly, they enjoy the contemporary workspace designs with plenty of break out areas and lounges. Our competitive rates are also attractive,” he said.
Michael Benson, joint CEO operating from Melbourne also said that this was the most exciting time he has ever seen in the flexible workspace industry ”It seems to me that every business, whether small or large will, at some stage in its life, take space in a coworking centre to try a new product or service, or need additional growth space, or simply require quality office spaces that can grow or contract via short term licenses at minimal cost compared with the traditional 5 year leases with huge bank guarantees and fit out costs. Another factor that will drive growth in the sector is the new accounting standards requiring many businesses to account for leases greater than 12 months on their balance sheet.”
