Welcome to the Tenavox Weekly News Roundup!
We're sending out a weekly collection of great articles and newsworthy content in the commercial real estate industry with a special tilt towards businesses and tenants.
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Co-working Space on the Rise in Houston
In Houston, co-working space is on the rise. Over the last decade, the amount of flexible, co-working space has grown at a compound annual rate of about 17 percent, while the office market only increased 1.7 percent. This means that a growing share of Houston's office space is being used as flexible space, as opposed to traditional offices. Co-working space is expected to rise faster than traditional space in the coming years as well—in 2019, several flexible office spaces in Houston either opened or announced development plans.
Dallas Attracts More Millennial Workers than Any Other City
A new analysis from the U.S. Census Bureau shows that in 2018 Dallas grew its millennial population more than any other city in the country. As a younger workforce moves in, Dallas is quickly becoming a top hub for tech workers. North Texas now has the fifth-largest labor pool for tech talent in North America, and is working to attract large companies like Uber, who is strongly considering Dallas-Fort Worth for its second headquarters.
Latest Development News
In the Houston suburbs, Panattoni Development Co. launches a 643K SF Spec Industrial Project In Pasadena, while NewQuest Properties began construction on a 200K SF shopping center in Grand at Aliana, a commercial development in Richmond. In Austin, the University of Texas announces a new 17-story office building in downtown Austin. Some of the space will be used for The University of Texas Dell Medical School operations, while some will be used by future strategic partners.
Latest Leases Signed
This week, Houston Methodist Hospital has officially signed a lease for 100,812 SF of space at 4800 Fournace Place, the former Chevron campus in Bellaire, while utility company Engie North America will move into 109,667 SF at 1360 Post Oak Blvd. starting in December. In Dallas, Orix USA will move its more than 300 hundred employees (currently at Comerica Bank Tower) into a 100K SF space at Trammell Crow Center.
Is it Better to Buy or Rent?
Should your company buy or rent space? We get this question quite often. On the commercial side of real estate, space is more expensive, so commitments are much longer, and liabilities that much greater. Because of this, you should never put something under contract without a complete review and understanding of the full dynamics of what a purchase means for your business.
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