The co-working/flexible space sector has been expanding rapidly across the country and the Dallas-Fort Worth area is no exception.
JLL’s DFW research team has been following the trend locally. According to their report, DFW added almost 1.1 million square feet of flexible office space, with another 700,000 square feet that will come online this year. According to the report:
• DFW’s growing job base and strong office demand has fueled a rapid ramp-up in co-working and flexible office space options across the region.
• Competitors range from small local operations that serve unique niches to major regional players, like CityCentral and Common Desk. National and global companies, such as WeWork, Industrious, Spaces, Venture X, and Serendipity Labs are also familiar names in DFW as they all aggressively position to gain a decisive foothold.
• Between 2016 and 2018, 1.1 million square feet of flexible office space opened in DFW, in more than 50 locations.
• For 2019, another 700,000 square feet (19 locations) have been announced, driven mostly by the major players.
• The largest location in this group is new to co-working. Varidesk, based in Coppell, purchased Zale’s former 350,000 square foot HQ at year-end as their first foray into the sector. While the final sales price has not been reported, the asking price for the vacant building was $11 million, or $32 per square foot.
• They call their brand VARISPACE. If successful here, watch for a rollout that could be coming to your market soon.