Coworking spaces are springing up all over the United States, including in Houston. Houston, Texas’s largest city with a population of over 2.3 million people, has a plethora of coworking spaces to support the growing culture. For a long time, these shared office spaces have served startups, freelancers, and individual professionals.
Once upon a time, Houston’s commercial real estate market was thriving. Things began to change when coworking spaces became popular. According to recent statistics, 22% of Houston’s office space is vacant. So far, this is an all-time high. The popularity of coworking spaces in Houston may be part of the reason for the decline in traditional office space occupancy as more and more people choose a more flexible workspace arrangement.
What is the average cost of coworking space in Houston?
The flexible office sector is expanding rapidly in Houston. Businesses use flexible office space to enter new markets, establish satellite offices, and provide employees with mobility options. Flexible offices are frequently furnished, serviced workspaces sourced from coworking spaces, serviced offices, and direct from buildings.
According to a new CBRE report, the net supply of flexible office space in Houston increased by 5.3 percent between the fourth quarter of 2020 and the third quarter of 2021. This amounted to 153,000 square feet, bringing the total supply in the city to 3.1 million square feet.
One company has opened an 86,000-square-foot office building, and another TechSpace has just opened a 46,000-square-foot facility. These two spaces have already significantly increased the supply of dedicated flexible office space in the Houston market.
In Houston, the average price for a flexible office is $165 per person per month, with an annual cost of $1,981 per worker. Flexible office leasing costs almost half of the cost of traditional leasing. Furthermore, depending on the space chosen, a flexible office can allow the company to change its real estate footprint at any time, and each employee can access community, services, and amenities.
What fuels the growth of coworking in Houston?
Trends in the Houston market and other markets show growth across the board in every submarket, creating more coworking space, shared workspace, and other office types conducive to today’s workforce’s flexibility demands. According to CBRE, 65% of companies in the Americas expect to use coworking as part of their office portfolio by 2020.
CBRE believes the city’s flexible workspace market is growing due to companies looking for more malleable lease options for their employees who are still navigating a combined in-office and from-home work schedule.
This upward trend in rent costs shows no signs of abating. This means that more businesses may be interested in investing in flexible office spaces, which can be installed in buildings such as recently vacant hotels and malls.
How much will it cost to book a coworking space in Houston?
1. Regus – Downtown Greenstreet
This workspace, located in the heart of Houston’s central business district, offers a comprehensive suite of amenities and services. From the friendly administrative staff to the on-site cafe, this is an ideal professional home for your team. On the rooftop deck, you can host everything from collaborative meetings to client events. Price starts at $330/person.
2. WeWork – Houston
WeWork is the world’s largest provider of coworking spaces. Houston, Texas is one of the 90 cities where WeWork is present. There are two WeWork Coworking Space Houston locations. One is in the Jones Building, and the other is in the Galleria Office Tower. Both of these shared office spaces are higher-end and more spacious than other Houston coworking spaces.
WeWork Houston charges $250 per month for a hot desk and $455 per month for a dedicated desk. Private office space costs $650 per month for a single seat and $700 per month for a team of two.
3. Local Office
The Local Office is near a fitness center, as well as several restaurants, stores, and bars for after-work activities. There are numerous bus stops nearby, which makes commuting easier. This location includes a recording studio in addition to the usual open space, offices, and meeting rooms. A day pass costs $25, and a Coworking membership costs $249 per month.
4. The Cowork Lab
The Cowork Lab, located at 2500 Yale Street, provides coworking space for startups, freelancers, and individual professionals. The interiors of this establishment are well-lit, and the furniture is of high quality.
This location’s pricing plans are quite reasonable. A basic coworking membership with one hour of conference room access costs $89 per month. The second premium coworking plan option costs $99 per month. If you want a private office, you can get one for $399 per month with 16 hours of conference room usage.
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.