Co-working space in Parramatta filling a need

Co-working space options in Parramatta attract small business owners 

The focus on working in Parramatta often falls on the big end of town but there are also lots of small businesses operating in the growing Central River City.

Small business owners and workers like Parramatta because it’s centrally-located, provides business growth opportunities, has great transport connections, and offers plenty of options like co-working spaces and serviced offices.

The impact of COVID on co-working spaces in Australia 

Before the COVID pandemic blindsided the business world, the number of co-working spaces worldwide was projected to reach almost 20,000 this year and cross over 40,000 by 2024. Australia is estimated to have nearly 600 co-working premises, ranking seventh in the world.

But despite the pandemic the future for co-working spaces is still bright. Like many businesses, co-working spaces have taken a hit but are already showing signs of recovery. This is because corporations are looking for ways to cut down on expensive office space. As workers adjust to the new world of remote work, however, they’re also learning that human connections are essential.

The benefits of co-working spaces

Co-working spaces suit many different types of businesses like startups, small businesses, companies in transition, and even office workers who are currently displaced from their offices by the COVID-19 pandemic but can’t or don’t want to work from home.

There are many different benefits of using a co-working environment.

Ease of use

It’s easy and fast to get set up, flexible with no long-term agreements, affordable in comparison to traditional office space and everything is provided like furniture and wi-fi.

Resource and knowledge sharing

Co-working spaces are attractive because people can share resources like office space and equipment, but also ideas.

Flexibility or full service

Typically, a worker who becomes a member of a co-working space can locate there on a full-time, part-time, or even one-off basis.

In contrast, the more traditional serviced office model provides individuals or small groups with an office with shared services like reception, meeting rooms, and more.

Networking

One of the lesser considered benefits of a co-working space is opportunities to network. Meeting new people with different business and life experiences is a great way to grow and gain more knowledge.

When many goal-oriented and accomplished people share the same space at work, there are chances to meet great thinkers, established businesspeople, and entrepreneurs.

Better connectivity and networking have been shown to help grow businesses. There is a possibility that the people with whom you are sharing the office space may become your clients or provide you with references.  And in non COVID times there are plenty of opportunities to network and attend events.

Co-working spaces in Parramatta

Co-working has developed in Parramatta in recent years with businesses like Grounded Space that has two locations – one in the traditional business district in George Street and another in Westfield.

Peter Doueihi and his business partner started Grounded Space three and a half years ago because Peter’s marketing agency needed an office space and he couldn’t find a suitable location in Parramatta.

“When we started the agency we shared an office and that didn’t allow us to bring people in for meetings so the idea to create a co-working space was born. As we’ve grown we’ve had to educate Parramatta locals about the concept because it was a fairly traditional office market.

“By opening a hole in the wall coffee shop in our George Street premises it allowed us to talk to people about it and it grew from there,” said Doueihi.

Grounded Space offers a variety of packages for members from full-time with a dedicated desk to hot-desk to casual options. At the Westfield location, they also have private offices available.

“The COVID pandemic has had a major impact on our business dropping from 100 per cent occupancy to around 30 per cent, but it’s starting to pick up again. Our enquiries have grown exponentially since the lockdown measures were eased,” added Doueihi.

Which companies use co-working spaces?

Most companies using co-working spaces are small businesses but there are also larger organisations like Urbis, an international planning and property advisory firm  that has a large office in the Sydney CBD and utilised Grounded Space as they established a base in Sydney’s growing second CBD.

Urbis Director Murray Donaldson said that Grounded Space provided an ideal stepping stone for his company to establish a western Sydney office. “We previously serviced our western Sydney clients from our CBD office which meant we were a long way from projects and other organisations like the NSW Department of Planning, Industry and Environment that is located in Parramatta.

“Grounded Space offered us flexibility, a great location, and we also like their entrepreneurship. We started with two desks and grew to five. After 12 months we knew that a Parramatta office was viable so we set up an office not far from Grounded Space and now have 11 people based there. Our 12 months in Parramatta gave us a good feel for the local market and we made important business connections as well,” said Donaldson.

As Parramatta continues to develop as a commercial district the co-working concept will thrive. Grounded Space will continue to grow, adding events to its services as COVID restrictions lift.