Coworking spaces and other flexible work environments where tenants can rent desks or offices by the month occupy more than 1.4 million square feet in buildings throughout the Houston area, three times as much as they did in 2010, new data show.
But amid recent turmoil at WeWork, the high-flying coworking operator that canceled its IPO and ousted its CEO amid the company’s massive devaluation, observers are asking: Will coworking continue to boom?
It could, but not with the WeWork model, said Andrew Segal, chairman and CEO of Boxer Property, a Houston-based real estate company with more than 15 million square feet of commercial real estate nationwide.
WeWork leases big blocks of office space from landlords, builds out high-end spaces with expensive finishes and then subleases the space to freelancers, entrepreneurs and larger companies. It’s now the country’s most dominant flexible space operator in terms of size and growth, with nearly 11 million […]