Melbourne-based property development group Riverlee and co-working space The Commons have paired up to secure a larger share of Australia’s rising co-working market.
The Riverlee financial backing will help The Commons grow its operations from five locations to 15 within the next three years, with the goal to expand internationally.
Riverlee’s investment move comes after 25 years of operating in the traditional office sector, explains development director David Lee.
“We’ve seen a significant shift in the market in recent years, mostly towards flexibility and the importance of community and a sense of belonging.
“The Commons is a young, dynamic and entrepreneurial team who value quality over quantity.”
Although co-working in Australia has been growing rapidly, Lee believes it’s still a premature market.
Co-working spaces in Australia make up 0.6 per cent of total office stock. In comparison, central London takes up four per cent and New York sits at 1.2 per cent of total office stock.
The Commons is currently home to more than 600 members including the likes of PayPal, Eventbrite and Venuemob and currently operates in South Melbourne, Collingwood and Sydney Central with Cremorne and Melbourne CBD in the pipeline.
While global expansion is on the cards, The Commons chief executive Cliff Ho said they prefer to keep their business approach “boutique”.
“Our goal is not to be a juggernaut within the industry; we strategically plan each location to ensure we attract a particular type of business to our space.
“As the co-working market matures, this approach will create a strong base and push us to the forefront,” Ho said.
