CapitaLand-backed The Work Project, Dexus to expand Australia’s flex office market
The Work Project (TWP), Asia’s homegrown premium flex working solutions operator majority owned by CapitaLand, has entered into an agreement with Australian property giant Dexus Place to form Australia’s first joint venture premium flex co-working operator.
The new joint venture, The Work Project Sydney Pty. Ltd., represents around 14,000 square meters (151,000 square feet) of flex space across Sydney, Melbourne, Brisbane and Perth CBDs primarily located in Dexus-managed buildings.
The 50-50 joint venture signals Australia as a mature flex market with encouraging growth potential.
“This joint venture represents TWP’s next growth stage and helps fill a much-needed gap amid increasing demand for premium flexible space in prime locations across the region,” said Junny Lee, founder and CEO of The Work Project. “The co-working space market has evolved dramatically, and together with Dexus, we have discovered a collaborative, creative and customer-centric