12/06/2015 - 13:14

Co-working comes to the Terrace

12/06/2015 - 13:14

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Two new co-working spaces are coming to St Georges Terrace, with Liberty Executive Offices establishing a space designed for professionals and St George Bank offering free space to small businesses.

Two new co-working spaces are coming to St Georges Terrace, with Liberty Executive Offices establishing a space designed for professionals and St George Bank offering free space to small businesses.

Primarily focused on startups and the technology sector, co-working office spaces have been growing in popularity in the CBD in recent years, with prominent players including Tech Hub, Spacecubed, and MineSpace.

Liberty Executive Offices’ Hive is believed to be the first co-working space to be established to cater for professionals in traditional sectors such as accounting or business services who need an office for only a few days a week.

Founder Jamie Vine said the facility was designed to give members the choice to collaborate with others or focus on their own tasks, with co-working suites and private offices available.

“We’ve listened to the market and there is a big appetite for co-working, but not everyone can concentrate or feel comfortable in a huge open plan space,” Mr Vine said.

Mr Vine said Hive had also partnered with networking and educational group Nifnex Success Academy to enhance the co-working space offering.

The academy runs networking events and provides members with access to expert advice and private mentoring.

Hive will launch in July at Allendale Square.

Meanwhile, St George Bank’s Perth branch has recently opened the St George Bank Business Hub, located on Level 1 of Central Park.

The bank is offering office space to small to medium enterprises free of charge, in a similar initiative to a facility established earlier this year in Sydney.

St George Bank has strong relationships with many of the SMEs in WA and it is important to us to give something back to the community,” St George Bank SME banking WA regional general manager Beata Brennan said.

“Using the space gives SMEs a fully serviced professional environment to work in, an opportunity to network and allows for more available funds to reinvest in their business.

“It also alleviates the loneliness for some sole traders.”

The establishment of the working spaces follows two recent leasing deals on St Georges Terrace, where tenants signed up for space in upgraded buildings.

Colliers International brokered deals for Computershare to take a five-year lease at 172 St Georges Terrace, while construction firm Built will take a 407 square metre tenancy at 99 St Georges Terrace for the next four years.

Both buildings were recently upgraded, with those at 172 St Georges Terrace on a floor-by-floor basis, while 99 St Georges Terrace has a new façade and a revamped lobby.

Colliers International office leasing executive Daniel Taylor said tenants not only had a raft of new buildings to consider, but also a wide range of upgraded buildings.

Business News reported last month that there was nearly $300 million worth of office upgrades under way or recently completed along St Georges Terrace.

“A growing number of tenants are becoming aware that the current market conditions mean they’re able to secure themselves a location in the core CBD precinct, an area that may have previously been out of reach,” Mr Taylor said.

“In the case of these two buildings, both are held by Singaporean owners who have committed to investing substantial funds in upgrading the assets.”

Mr Taylor said while the CBD leasing market was markedly different from recent years, with its rising vacancy rate, inquiries from a mobile tenant base were on the rise.

“Not only do tenants already in the city see the chance to upgrade their accommodation and address, but we’re also seeing suburban office tenants taking the opportunity to break into the CBD market and secure quality space,” he said.

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