Campus Quarter

AUSTRALIAN PROPERTY INSIGHTS

CAMPUS QUARTER

CHART 2

MAJOR AUSTRALIAN PBSA OPERATORS BY MARKET SHARE

EPIISOD/dwell

Yugo

Student One

Journal

The Switch

UniLodge (GPT)

UniLodge (Cedar Pacific)

Accolade

Iglu

Scape

5,000

10,000

15,000

20,000

25,000

Operational

Pipeline

Source: Cushman & Wakefield Research

MARKET STRUCTURE AND LEADING PROVIDERS The Australian PBSA market is led by a handful of scaled owner-operators. Scape is the largest participant, owning and operating around 41% of the country’s off-campus PBSA beds. Scape has used a strategy of acquisitions – including Atira Student Living (about 3,500 beds, acquired in 2019) and Urbanest (about 6,800 beds, acquired in 2020) – as well as a steady pipeline of new development to fuel its expansion since entering the market in 2013. As at 2025, Scape manages 18,890 operational beds across 38 assets, with a further 3,600 beds in the pipeline. Other key players include Iglu, Accolade and UniLodge, each with strong metro footprints. Most institutional platforms follow a vertically integrated owner-operator model, managing both the real estate (PropCo) and operations (OpCo) under the same umbrella. This structure, which is also common in the UK, gives operators tighter control over service delivery, asset performance and improves operational efficiency.

PROVISION RATE: ROOM FOR GROWTH

Australia’s PBSA provision rate remains low relative to global peers. While purpose-built stock has expanded over the past decade, availability still falls short of demand in key education cities like Melbourne and Sydney. This structural undersupply is a defining feature of the Australian PBSA landscape and sets the stage for continued growth.

Scape Swanston, Melbourne

CUSHMAN & WAKEFIELD