News & Analysis

Coworking community Tank Stream Labs to open third Sydney space in January

- December 19, 2018 2 MIN READ
Tank Stream Labs

Coworking community Tank Stream Labs is gearing up to open a third Sydney space by the end of January, to be located by Barangaroo Reserve.

“It’s going to be a busy Christmas,” Tank Stream Labs CEO Brad Delamare laughed. “The staff hate me.”

According to Delamare, the entire building will be dedicated to coworking, with key community partnerships to be announced next month.

It comes after what has already been a busy year for the community: after moving in in late 2017, Tank Stream Labs settled into its second Sydney space at the Sydney Startup Hub, and opened a location in Perth.

The decision to expand the community comes as demand for coworking space continues to grow, Delamare said.

“We’re not seeing any hold up in terms of demand for space, and it’s just a really exciting time at the moment in the startup world. There are so many startups, accelerators, and a lot of investment activity happening, whether it’s from investors or government grant activity,” he said.

“We’re being inundated with requests for office space, so we wanted to add another premium location, as such, to our portfolio and give startups the opportunity to be based in the CBD.”

Delamare’s plans don’t end at Barangaroo, though: the plan is to have a presence in all major cities across Australia by mid-2019.

The organisation is looking at various opportunities to help fuel this growth, last week announcing it has appointed EY to look at options for funding and strategic partners.

Of course, Tank Stream Labs isn’t the only name in coworking pushing for growth across Australia. WeWork now has 16 spaces open across Brisbane, Sydney, and Melbourne, with more to come.

It secured a 12 year lease to take over three levels in Sydney’s ANZ tower earlier this year, and announced it will take on the entirety of Daramu House’s 10,000 square metres in Barangaroo when development is completed next year.

Meanwhile, Melbourne coworking community The Commons in September secured a strategic investment from Melbourne-based property development group Riverlee that will help it scale its operations from three locations to 15 over the next three years.

With spaces currently operating in South Melbourne and Collingwood, The Commons is soon set to open in Cremorne and Sydney. Among its residents are the likes of PayPal, Eventbrite, and VenueMob.

Along with its investment, Riverlee will lend The Commons its expertise within the commercial property space to help the organisation identify real estate opportunities, including within the Riverlee portfolio.

Image: Brad Delamare. Source: Supplied.

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