Jessie Glew, CEO at WOTSO, shared that their mission in joining the Flexible Workspace Australia board is "to change the rhetoric of long lease good, short lease bad" noting that the way we value office buildings is broken in wrongfully assuming that 1 long-term lease is more valuable (or less risky) than 100 short term members.

Yes Jessie, yes! We’re following along so we can share notes, setbacks and successes with other groups pushing for similar changes in other countries.

Tim Brown shares some insights into WOTSO‘s annual results.

Highlights include: NAV up 9%, WOTSO annualised turnover 50% higher than pre pandemic levels, WOTSO site profit contribution now AU$3.2m pa after rent, 5,000 WOTSO members and 3 asset acquisitions.

Australian coworking brand WOTSO have acquired their first New Zealand property in Aukland. The 1,359 sqm (~ 14,628 sqft) property changed hands for NZ$10.5M (~6.57M USD), includes a basement car park and the space is set to open in early 2023.

In a time where a lot of space operators and office building owners are locking in on management agreements or other tenancy-based deals, it’s interesting to watch brands grow through the actual acquisition of office buildings.