Hub Australia has expanded into the Brisbane market, securing a 10-year lease on an Adelaide Street heritage complex.
The new Brisbane site marks the seventh location for the privately-owned co-working company.
Hub Australia’s chosen site, at 200 Anzac Square is a 3,900sq m space with the company planning to occupy three levels of the building.
Co-working space across Australia has grown by 62 per cent last year, and 300 per cent since 2013, according to Knight Frank research.
Melbourne dominates the demand for co-working space with almost 50 per cent of the total volume across Australia, followed by Sydney at 38 per cent, Adelaide at 5.38 per cent, Brisbane at 3.51 per cent and Perth at 3.49 per cent.
Brisbane only represents a small portion of the market while containing 13 per cent of the national CBD office stock, according to Hub Australia.
Hub Australia founder Brad Krauskopf says the statistics informed Hub’s move into Brisbane, taking advantage of the under-serviced demand in the city’s co-working market.
“Brisbane is transforming into a business and innovation hub, with economic growth on the rise due to continuing population growth spurred by great employment opportunities and the attractive lifestyle offering,” he said.
The news of Hub’s expansion into Brisbane comes as New York-based co-working giant WeWork revealed plans last month for a possible Brisbane location. The company already has two spaces based in Sydney and Melbourne.
After starting as a small co-working space in Brooklyn WeWork has grown to 207 locations across 65 cities.
Hub Australia’s Brisbane news also follows recent announcements regarding new locations in Melbourne, including 162 Collins Street and 1 Nicholson Street measuring 3,500 square metres and 2,700 square metres respectively.
Hub Australia also opened a new 4,800 square metre Sydney space at 223 Liverpool Street, taking company’s national footprint to over 20,000 square metres.
Hub Anzac Square is expected to open in late 2018.