The number of coworking spaces in Australia has continued to surge, as there are currently 784 flexible spaces found throughout the country, with 382 in capital cities, 172 in suburban areas, and 230 in regional locations.
This is according to the “Flex Futures Report 2023”, the inaugural report prepared by Flexible Workspace Australia (FWA), the industry association representing 254 coworking spaces in Australia and New Zealand, alongside Startupsaus.cos.co who conducted the study.
The research noted that the growth trajectory of coworking spaces, while was disrupted at the height of the COVID-19 pandemic, has resumed with the number increased in record numbers. Over 80 per cent of these spaces are owned by independent private operators, while the rest are evenly distributed among governments, corporates, and universities.
It is also revealed that among the users of coworking spaces in the Asia Pacific region, 63 per cent come from the Finance, Business Services and Technology sectors.
“The report vividly illustrates coworking spaces as vibrant hubs for collaboration, growth, and fostering strong communities. Our industry leads in intersecting mega-trends shaping the future of work. These spaces play a pivotal role in driving economic and community development, promoting industry diversification, and attracting crucial investments,” said Brad Krauskopf, co-chair of FWA and founder of Hub Australia.
Kate Dezarnaulds, incoming co-chair of Flexible Workspace Australia (FWA) and founder of WorkLife regional coworking spaces, expressed optimism towards a promising future for coworking, emphasising a shift from being tied to the real estate sector to embracing its role in the hospitality industry, with a strong focus on occupier well-being, collaboration and productivity.
“Coworking space owners and operators are ecosystem curators, fostering professional and personal growth. Beyond standard amenities, they prioritise hospitality and community, creating a sense of belonging. Coworking communities support innovation through business support services, events, streamlined tech processes and opportunities for informal collaboration- this has been a game changer for economic development in suburban and regional economies,” Dezarnaulds said.
Dr. Agustin Chavez, Workplace Futures Research Lead, Swinburne University, also commented, “The impact of coworking in commercial real estate has been significant, providing flexibility and experiences that traditional leases couldn’t match. But the pandemic has reshuffled the ‘rubik’s cube of work’ urging us to rethink our approach to solving it. Imagine work as a Rubik’s cube, with each stakeholder striving to solve their side. A holistic approach is needed to shape a brighter future for all involved”;
Industry academic Dr Chad Renado, a Research Fellow (Innovation Ecosystems) with the Rural Economies Centre of Excellence who worked with FWA on the research for the report, stated, “Whether as a contribution from the flexible workspace or simply bringing together high-performing entrepreneurial activity, members in flexible workspaces project revenue and staff growth well in excess of their surrounding communities. These results are not a given. The future will now build on resilience developed through the pandemic, growing awareness of impact among funders, greater sophistication and professionalism of providers, and the advocacy and support of a central peak body in Flexible Workspace Australia.”
