Dexus head of office and industrial leasing, Chris Hynes, said “SuiteX is the next step in evolving of the group's suite strategy that provides flexibility in space and tenure''. ''It meets a need for quality workspace which doesn’t require the need for a long-term commitment. The offer is a natural extension of our commitment to partner with our customers throughout each step of their property journey,'' Mr Hynes said. ''SuiteX provides customers with the flexibility to align their space needs with their business needs, avoiding costly fitouts, complex contracts or long terms. With a space ratio that is considerably less compact compared to co-working or serviced office spaces, SuiteX provides the comfort and privacy of traditional office space with the community and services of co-working.'' Mr Hynes said in the modern era of work places, flexibility is ensured through a unique turnkey solution enabled by a modular design. A one-metre grid system and demountable inter-tenancy walls enable customers to quickly expand or contract their space. ''Flexible lease terms start from as short as six months to two years, allowing customers to grow or consolidate as needed. Following the delivery of the pilot site, Dexus will explore how the concept can be implemented in other assets across the country,'' Mr Hynes said. Included in the SuiteX offering are Suite signage with customers’ logos, creating ownership and giving a retail shopfront feel; on-floor WiFi; quiet rooms; access to a fully equipped kitchen and collaborative space and access to Workspace Dexus products and services, including end-of-trip facilities in the building and Dexus Place at nearby 1 Margaret Street. Mr Hynes said each tenancy is made up of a series of ‘modules’ designed to maximise flexibility of space. The new office space designs come as national office markets are heading to record low vacancy levels. This has left some companies unable to lease space for short periods and have opened the way for the co-sharing and flexible offerings. Reflecting the growth of the sector was also the new lease by WeWork at Barangaroo South. Under the deal, the co-sharing space landlord has taken out six floors at Lendlease's 1 Sussex Street, Sydney, known as Daramu House. WeWork will occupy 100 per cent of the building’s office component, providing about 2000 members more than 10,000 square metres of high-quality office space as well as an outdoor terrace on level 6 and access to 680 sqm of retail on the ground floor. Mark Menhinnitt, managing director, urban regeneration & infrastructure development, Lendlease, said people around the world are demanding greater flexibility in how they work. ''WeWork’s decision to lease Daramu House in its entirety is evidence of this trend,'' Mr Menhinnitt said. WeWork has five open locations across Australia, including at the Dexus-owned 100 Harris Street, Pyrmont, and its latest offering over 10 floors at 401 Collins Street in Melbourne. WeWork also announced its first location will open this year at 310 Edward St in Brisbane. WeWork at 1 Sussex St is expected to open in early 2020. Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.
Dexus Property, Australia’s biggest landlord, has revealed SuiteX, a new model for its co-working arm that offers short- to medium-term leases for off-site offices for six to 20 staff, with the option to combine multiple suites. The company is also looking at expanding into other areas of property management, including office and residential rentals, as well as offering short-term leases, which are more flexible than long-term ones.