JustCo lands first Sydney location in sweeping expansion
Singapore-based agile workspace provider JustCo has arrived in Sydney, securing its first site in Dexus’s 175 Pitt Street after announcing plans to double its APAC footprint.
02 Apr 2019
Lukas Kaz and Lawson Hubbard of CBRE’s Tenant Representation team, who acted on behalf of JustCo in its lease negotiations, said the deal marked a major milestone for the co-working space provider.
“JustCo has kicked off its Sydney presence by securing 4,200sqm in a newly repositioned asset – one of many locations the company has been securing Australia wide,” Mr Kaz said.
Mr Kaz also noted; “JustCo was attracted to 175 Pitt Street’s central location, close to the CBD’s major retail and dining precincts, and the recently completed building upgrade.”
Following a repositioning of the ground floor entry and retail completed in early 2019, the building is a showcase for the new Tiffany & Co. flagship store. The tower also features other high-end customers and end of trip facilities.
Joshua Pails, Dexus NSW General Manager of Leasing, said; “With a convenient location and newly renovated ground floor plane, 175 Pitt Street is an attractive workplace for customers looking to attract and retain talent.”
JustCo has been expanding across Asia Pacific, securing sites in central locations, and is currently positioned as the largest agile space provider in Southeast Asia with strong growth plans for the Australian market.
Around 40% of occupiers interviewed in CBRE’s Pacific Corporate Coworking Survey: The Future is Flexible report, which surveyed 60 large occupiers across Australia and New Zealand on their current and future planned use of third-party flexible space, said they are currently utilising some form of flexible workspace solution.
According to the report, in the next two years, a noteworthy 58% of Australian corporate occupiers plan to reduce their traditional leased office footprint space and 55% are looking to increase coworking space use, compared to only 28% of companies that have no plans to adopt flexible workspace solutions across their portfolio.
Mr Kaz added; “Demand from major corporates looking for both flexible and turn key solutions has been a major driver in the agile working sector.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.