The WeWork — Dallas facility on McKinney Avenue in Uptown.
[Photo Copyright Zach McNair, zachmcnair.com]
The trend toward flexible work spaces is on a growth trajectory, according to a new report by the real estate firm CBRE, and Dallas is one of the nation’s top markets for that space — whether its coworking or another form of flexible office environment.
Dallas ranks No. 8 on CBRE’s list of the Top 10 Flexible Space Markets in the U.S., with a total flexible space market size of 1.53 million square feet of space. Flexible space occupies 0.7 percent of the total office market in Dallas.
Some 33 percent of that is coworking space, and 67 percent is serviced office space — often featuring a pay-as-you-use or short-term lease model, CBRE said. In Dallas, there are 15 flexible space operators. Dallas is the only Texas city on the list.
Nationwide, the flexible space sector has expanded by 22 percent since 2013, CBRE said, and 75 percent of office occupiers said they expect to integrate flexible work spaces into their real estate strategies eventually.
The top market in the nation is Manhattan with 9.21 million square feet of flexible space, followed by Los Angeles with 3.54 million square feet, CBRE said.
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