Singapore co-working group JustCo secures first Aussie hub

Larry Schlesinger|Apr 17, 2019

Singapore co-working space provider JustCo has launched in Australia after securing four whole office floors in the Melbourne CBD.

Founded in 2011 by Kong Wan Sing, JustCo is also set to launch a co-working hub in Sydney, joining a crowded field of Australian providers that includes WeWork, Hub Australia, Servcorp, Regus and a host of smaller start-ups.

JustCo’s first Australian hub will incorporate 8251 square metres of office space at 15 William Street, an office tower on the corner of William Street and Flinders Lane owned by giant German real estate fund Deka-ImmobilienGlobal.

The JustCo lease represents more than a fifth of the lettable space in the 40,000 square metre A-grade building – now fully leased – highlighting the impact the sharing economy is having on the broader office leasing market.

It follows another co-working group, The Commons taking 1666 sq m in the QV building in the Melbourne CBD, replacing construction group Grocon.

CBRE leasing agents Will Dungey and Patrick Mount represented Deka in the deal, with Justco represented by Lukas Kaz and Tom Backay of CBRE’s Tenant Representation business.

“JustCo recognised that the opportunity to secure a space of this size, spread over such a small number of floors, in the centre of Melbourne was an opportunity that doesn’t come around often,” Mr Kaz said.

The site at 15 William Street is across the road from CBus Property’s $1 billion Collins Arch mixed-use development which is currently under construction and close to Mirvac’s 40-storey office tower at 477 Collins Street.

“This section of CBD is a hive of activity and 15 William Street is ideally positioned to benefit from significant developments in its surrounds,” Mr Kaz said.