Australia Co-working Office Spaces Market Size

Australia Co-working Office Spaces Market Analysis

The size of Australia co-working office spaces market is USD 1.3 billion in the current year and is anticipated to register a CAGR of over 6.5% during the forecast period. Co-working spaces provide numerous advantages, including cost-effectiveness, adaptability, and networking possibilities. In every major city in the globe, including Australia, there are co-working spaces.

• The COVID-19 pandemic had accelerated the growth of co-working spaces in the country, as traditional workspaces faced challenges during the crisis. Many enterprises moved toward co-working spaces because of the affordable prices and flexibility in working space. Also, the co-working spaces ensure to provide a safe working environment.
• In Australia, there will be at least 374 coworking spaces by the end of the current year. Although a hot desk costs about USD 299 on average around the world, it looks more expensive in Australia, where it may cost up to USD 409 each month. In 2022, Sydney will be the focal location for the sector in the country, with more than 205 co-working spaces, followed by Melbourne with 138 available spaces and Perth and Adelaide with 16 and 15 public co-working spaces, respectively.
• Furthermore, the sector is driven by the increasing demand from freelancers, small- and medium-scale enterprises (SMEs), and startups. The sector provides top facilities at affordable prices, and large-scale enterprises were also adopting co-working spaces after realizing the benefits offered by the sector. Also, the increasing number of startups with a high rate of investment flows resulted in the sector's robust growth.