Desk Rates for Flexible Offices Show Resilience Amid Economic Challenges

Wednesday, 31st January 2024 | Press

Rubberdesk, a leading provider in the flexible office space market, has released its comprehensive analysis of desk rates across Australia. The report showcases resilience in the flex desk market, despite economic uncertainties and regional variations.

"The Flex Market experienced strong growth, especially in Professional Services & Tech, in the final quarter of 2023," said Jim Groves, CEO & Co-founder of Rubberdesk. "As we enter the new year, the market remains robust, with new centers opening and more slated for early 2024. This expansion bodes well for the sector's continued health."

National Trends Indicate Stability with Regional Diversities

The national average desk rate in Australia remained stable at $660 in December, despite ongoing market adversities. However, this national average masks significant regional disparities. Sydney, a key player in the flex space market, witnessed a 3% decline to $943 per desk. Contrarily, Melbourne and North Sydney saw record highs, with rates climbing to $728 and $625, respectively. Canberra also experienced a 2% increase to $510 per desk. Despite this, Brisbane and Perth maintained steady rates at $600 and $700 per desk. Adelaide observed a downturn from its peak, settling at $600 in Q4.

Sydney and Melbourne: A Tale of Two Cities

In Sydney CBD, desk rates dipped by 3%, falling to $943, down from $1000 per desk in July, influenced by end-of-year deals and a reduction in available space. Suburbs like Parramatta and Surry Hills also saw decreases, while North Sydney bucked the trend with a significant rise to $625 per desk. Conversely, Melbourne's CBD area enjoyed a 12% year-over-year surge, reaching $725 per desk, driven by a renewed demand from Melbourne businesses.

Emerging Markets: Brisbane and Perth

The Brisbane market received a boost with the introduction of new offices by Workspace365 & Space&Co, stabilizing desk rates at $600. In contrast, Perth’s market, despite a supply dip, maintained a steady rate of $700 per desk.

Market Summary

• Sydney CBD Desk Rates in Decline - Down 3%
• Melbourne CBD Desk Rates Surge 12% Year over Year
• Workspace365 & Space&Co Revitalise the Brisbane Market
• Desk Rates in Perth Hold at $700 Despite 4% Supply Dip
• Adelaide Desk Rates Fall 5% for 2nd Consecutive Quarter
• Canberra Desk Rates on the Rise - Up 2%

Read the full Flexible Office Market Report.

About Rubberdesk

Rubberdesk is Australia’s flexible office marketplace with thousands of fully furnished serviced offices and coworking desks ready for you to move in and rent by the month or year. Our proprietary platform combined with industry insights from our office specialists helps you find the best office for your needs. With a view across all available options, we simplify the process to create a bespoke shortlist, arrange tours, and negotiate the best deals. All for free and without obligation. As well as being the proud partner of Cadigal (www.cadigal.com.au) Rubberdesk also operates in the UK and Ireland.

For further information, images and interview requests, please contact Jim Groves at Rubberdesk:

• E: [email protected]
• T: 1300433757