_Sydney emerging as one of Asia Pacific’s leading tech and start-up hubs

Sydney is emerging as one of Asia Pacific’s leading tech and start-up hubs, underpinned by a strong economy, a deep talent pool and Australia’s largest start-up ecosystem, according to start-up Genome.

The economy of Greater Sydney, which is the same size as Hong Kong and larger than Singapore, has grown by 5.2% during 2015-16, the fastest in the country and double the national GDP growth rate.

More than 60% of Australian start-ups are based in Sydney, where there are more ICT (Information and Communications Technology) professionals than anywhere else in the country. 

Over the past decade, employment in the TAMI (Technology, Advertising, Media and Information) sector has increased by 41%, compared to the corresponding growth of 7% in the traditional FIRE (Finance, Insurance and Real Estate) sector.

As at June 2017, the TAMI sector has overtaken FIRE as the largest employer of white-collar workers in the Sydney CBD, according to Deloitte Access Economic data. 

Sydney’s innovative ecosystem is further supported by the rapid rise of co-working space across the city, which has grown by 61% per annum over the past five years.

The co-working industry has evolved and transitioned from an underground movement located mostly in converted warehouses in the Fringe to a mainstream industry expanding to prime locations across the city.

As at July 2017, there is circa 50,000 sq m of co-working space in Sydney, spanning 61 locations. This exponential growth is showing no signs of slowing, with the market expected to expand by at least 47% over the next 12 months.

The NSW (New South Wales) Government has recently committed USD27 million for a 17,000 sq m start-up and innovation hub at Wynyard Green, 11-17 York Street in the Sydney CBD, while Hub Australia is opening its newest location, Hub Hyde Park, across 4,300 sq m at 223 Liverpool Street, Darlinghurst.

The booming tech sector will be a major driver of employment growth in Sydney going forward, with the city’s white-collar employment pool expected to increase by more than 50,000 over the next 10 years.

Almost half of this growth will derive from the IT and technical services industries, according to Deloitte Access Economics’ forecast.

Coupled with a strong pipeline infrastructure development and continued population growth, this will ensure that Sydney’s office demand will remain solid over the next decade.

Sydney’s Co-working Space 

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