There are definitely worse places in the world to have your office. Photo: Sustainable Wollongong.
Cheaper rent, no Sydney commute and access to regional talent pools are the drawcards Wollongong City Council hopes will bring more businesses into the city.
It’s no idle hope either. Almost 40 per cent of new leases in the Wollongong CBD over the past three years were to businesses new to the region.
As more high-rises go up the amount of office space has increased too.
The Invest Wollongong prospectus, launched by Lord Mayor Tania Brown at this month’s Property Council Outlook in Sydney, said there was a 50 per cent increase in A-grade office space in the Wollongong CBD over the past five years, available at half the rent they would cost in Sydney.
“Projections show that Wollongong is the centre of the fastest-growing region in our state, and it’s not surprising given its rare blend of opportunity and balance,” Cr Brown said.
“We’re so fortunate to live and work in a truly beautiful spot between the escarpment and the ocean, where businesses thrive, where satisfying work-life balance is the norm, and you won’t spend half your time commuting to and from work.
“It’s no secret, and we’re increasingly seeing people choose Wollongong. Whether you’re looking to invest, start a business, or relocate, Wollongong is ready to welcome you.”
Distribution, floorplan and inventory financiers MitchCap are among the businesses that have made the shift from Sydney to the ‘Gong.
Originally based in Sydney, when the founder Paul Mitchell moved to Wollongong to be closer to family he realised the region’s potential.
The organisation’s general manager Ariel Miners said it wasn’t just about cheap rent.
“Paul was commuting to Sydney on the train and was looking around thinking there are all these other talented, engaged people commuting,” Ariel said.
“He thought there’s obviously an opportunity to nab some of that talent if you can offer them a role without the commute.
“All our clients are based in Sydney, but there’s so much talent in the Illawarra.”
Ariel said the reduced rent didn’t make a difference to MitchCap’s bottom line, but there were plenty of other benefits to operating in the region.
“Having smaller overheads really helps us to be sustainable in growth and profitability,” he said.
“There are so many tailwinds in Wollongong as well.
“There’s so many good things happening in the market of professional services, finance companies, energy, technology and education, and it’s cool to be part of it.
“It feels like we’re part of that first wave.
“We have people who travel from Sydney to Wollongong and then think about moving down to be closer to work because they see the opportunities this region provides that Sydney doesn’t.”
Cr Brown said she expected opportunities in the region to grow over the next few years as BlueScope’s master plan at Port Kembla transformed a further 200 hectares of industrial land – the largest industrial land transformation project on the eastern seaboard – to deliver a range of employment, environmental and community outcomes.
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