Partnerships with major landlords will power the growth of WOTSO, Australia’s leading coworking business, CEO Jessie Glew told the ASX-listed company’s annual general meeting today.
“Landlords have started to see coworking not as competition, but as a service – a required amenity like a gym, café, or childcare,” Glew said.
“That’s a major shift for our industry.
“We’re now doing deals where landlords fully fund the fitout and still structure agreements around turnover.
“If we can continue to secure deals in this way, it will fundamentally change the pace at which we grow.
“It means we can grow faster, with less capital, and with an even better risk profile.”
WOTSO recently opened its first Sydney CBD location in collaboration with Stockland, one of Australia’s largest diversified property groups, and Glew said more deals with major landlords are imminent.
Looking ahead, she said WOTSO has two main goals in FY26 – growing its network and increasing revenue from each location.
“We expect to have 40 locations operating or being fitted out by the end of the year, and we’re heading towards 100 locations across Australia and New Zealand,” Glew said.
“This growth isn’t for growth’s sake. As our existing sites mature and our network grows, we expect our profitability to grow.”
Glew said brand differentiation is crucial to succeeding in the competitive coworking market, an aspect where WOTSO has an edge.
“People often ask what makes WOTSO different,” she said. “The answer is simple – we’re local.
“We try to understand our communities and build spaces that belong to them.”
She WOTSO’s $300 million portfolio of 16 commercial buildings – most of which have a WOTSO onsite – is given life through its coworking business.
“And that operating business is now sought after by other property owners.”
