New IWG centre to cater for changing dynamics around World Square in central Sydney
IWG have committed to 1,828sqm at level 45, 680 World Square, 680 George Street, which was the last whole floor opportunity in the building. The new centre will enable smaller office space users from the area to work within the building and has the ability to create customised space for larger occupiers.
Development Director at IWG Simon Van Grootel said 680 George Street is a very exciting addition to the existing IWG network of 8 CBD centres.
“The new IWG centre at 680 George Street will provide our clients with a fantastic offering in the southern end of the CBD, with outstanding 360-degree views from level 45. This high-rise floor will feature our latest in Regus workplace design that encourages productivity, innovation and team collaboration supporting the rapidly evolving needs for flexibility demanded by tenants in today’s market,” said Simon Van Grootel.
“We feel this aligns with the changing dynamics of this part of the city and particularly World Square where tenants benefit from all the amenity of the area where life extends beyond the traditional 9-5pm.”
“Our Spaces brand continues to experience exponential growth worldwide, reflected in the recent opening of two new Spaces centres in Melbourne. Our collection of multiple brands allows us to select the most appropriate solution for the landlord & clients in terms of both size, design and type of offering; in this instance Regus was a great fit for World Square,” said Simon.
Rowan Humphrey, Director of Tenant Advisory at Colliers International represented and secured this new centre for IWG after identifying this part of the Sydney CBD was underserviced by flexible workspace operators.
“When we looked at the distribution of serviced office providers in Sydney CBD, it’s evident that the Southern end of the Midtown precinct in Sydney CBD is significantly underserviced,” said Rowan Humphreys.
“The site, at 680 World Square, provided IWG with an opportunity to be located within a prominent, A Grade landmark and arguably the best building in this precinct. We expect there to be significant demand from tenants within the building who require expansion and project space, along with tenants who could not previously access 680 George Street as subdivisions are typically no less than 500sqm”.
The growth of flexible workspace, which incorporates co-working, serviced offices and third spaces, has been strong within Sydney’s CBD over the past 12 months, with approx. 34,000sqm of additional space committed to this year equating to 38% growth in floor space, according to Rowan Humphreys.
“While not all committed space may be complete or open yet, 38% growth in Sydney’s CBD is an impressive statistic but we are still lagging other global cities like New York and London making us believe there is still room for continued growth in the Sydney flexible workspace market,” said Rowan.
The new Regus Centre will open at 680 World Square in January 2019. Colliers International also recently represented IWG on two deals in Melbourne.