Flexible office space that can be used by multiple companies – think coworking spaces, incubators and accelerators – is on the rise in Houston.
Over the past 10 years, the quantity of flexible space has grown at a compound annual rate of 17 percent, while the office market only increased 1.7 percent, according to the commercial real estate firm CBRE. That means a growing share of Houston’s office space is being used as flexible office space, rather than traditional offices.
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This year, several flexible office spaces opened or announced new projects in Houston.
Life Time Work, the high-end fitness chain Life Time’s venture into coworking, announced this spring it would open flex office space Downtown and in CityCentre.
Five operators account for 74 percent of Houston’s flexible office space, said CBRE, making them major players in the industry.
According to the report, WeWork leases more than 12 million square feet and accounts for 45 percent of flexible office space nationwide.