Early in the pandemic, social distancing, limited public gatherings, and an uncertain economy appeared to spell the end of coworking, an industry that relies on many people working in close proximity. However, conversations with local industry leaders revealed that this was not the case.
Throughout the pandemic’s challenges, a number of coworking space operators have expanded their reach across the region and the United States. They are now focusing on the characteristics of their companies and what enabled them to thrive, as well as what this could mean for the future of the industry and the businesses that rely on them.
Given our unprecedented COVID-19 year, commercial office space may look different in the coming months or years. Furthermore, with many companies allowing their employees to work from home, providing long or short-term, flexible workspace can be a viable option.
Dallas provides the ideal intersection point for enterprise users who are serious about adopting a more flex-oriented real estate consumption model, as well as a growing user-base of small and medium businesses in Dallas’ entrepreneurial culture.
Everyone reimagined their workspace as a result of the pandemic disruption, and the result appears to be a dramatic increase in workplace variety and hybrid arrangements. Most businesses will need to find ways to supplement their corporate headquarters with other dispersed locations where employees can be most productive.
The Status of Coworking in Dallas
Flexible workspaces allow a company to respond more quickly to day-to-day challenges such as workplace expenses, operational needs, and employee assistance. Because a flexible workspace can be configured to meet the needs of the user, it quickly becomes a valuable asset.
Dallas Metro Area
The Dallas metro area is the fourth-largest in the United States, with a population of over 7 million people as of 2020. Dallas has established a strong industrial and financial sector, as well as becoming an important inland port, due to its proximity to Dallas/Fort Worth International Airport, one of the nation’s largest and busiest airports.
North Texas currently has more than five million square feet of office flex space available, including short-term rentals, shared offices, and coworking spaces.
For instance, flexible office space accounts for slightly more than 2% of local office space in Dallas-Fort Worth. Nonetheless, Dallas-Fort Worth outperforms other major cities, including Los Angeles. According to the most recent CBRE research, only Manhattan has more short-term or flexible offices than DFW, placing the region second overall in the United States.
Even during the pandemic, the DFW area saw growth in the coworking industry, with companies like WorkSuites and Common Desk renting space for new locations. While the inventory of flexible office space in North Texas has grown in recent years, the number of short-term rentals nationwide has decreased by about 9%.
What Coworking in Dallas Will Look Like in the Future
According to a Colliers International report, flexible workspaces in Dallas more than doubled in 18 months. The report examined core submarkets in 19 major US office markets and discovered that Dallas led the nation in the fastest coworking growth from 2016 to mid-2018.
The TechAmerica Foundation estimates that Texas employs approximately 485,000 people in the technology industry, with many of them based in North Texas.
Texas, particularly the Dallas (Fort Worth area), may have a high concentration of technological employment. There are many extremely important businesses based there, and other businesses want to be near them.
According to the organization, Texas’ high ranking stems from the state’s large number of schools and institutions. Because one of the most appealing aspects of a technology firm is its personnel, having access to a large pipeline of well-qualified, well-educated employees is critical.
Because of the region’s economic diversity, coworking is flourishing in DFW, and this diversity will continue to fuel coworking growth.
From tech workers to solopreneurs, more and more people in Dallas are renting desks in coworking spaces. Furthermore, whether you work downtown or in the metro’s sprawling suburbs, working from a coworking space (especially if you work remotely or in a hybrid model) can be convenient in terms of commute time and socialization.
Dallas’ high commercial property rental rates are easily giving way to shared offices. Coworking spaces in Dallas are home to a number of startups and aspiring entrepreneurs. Whatever your requirements are, there are several flexible offices or coworking spaces in Dallas that can cater to your needs.
Enterprise software development experience. More recently in positions including CTO, Lead Developer and Head of Product in Australia. Deep expertise in property and legal technology in Australia with a specialty in lead generation and tech scalability across Asia-Pacific.