Co-Working Retains its Pull in North Texas
JLL predicts flex space will comprise about a third of the market by 2030, compared to less than 5% today, and this concept can be found in North Texas, where a new co-working tenant inked space.
FRISCO, TX—JLL predicts flex space will comprise approximately a third of the market by 2030, compared to less than 5% today. Evidence of that fact can be found by looking no further than North Texas, where many of the cutting-edge concepts seem to be taking root.
A new tenant, Venture X, just leased 30,000 square feet at the Stonebrook Business Park located at 6735 Salt Cedar Way. The co-working brand will open its newest North Texas location on the top floor of the building, located off of the Dallas North Tollway.
JLL’s Chris Doggett and Ashley Curry represented the landlord, Goveia Commercial Real Estate. Ryan Hoopes and Tom Sutherland with Cushman & Wakefield represented the tenant, which is a membership-based shared workspace for entrepreneurs and businesses.
“The greater Dallas-Fort Worth market has been established as one of the top markets for co-working in North America,” Hoopes said. “We continue to thoroughly survey the market for the very best co-working locations in top submarkets for Venture X, Stonebrook Business Park and Frisco fit that criteria entirely.”
A recent report from JLL notes that flexible space inventory, which includes co-working space, incubators and other short-term space options, has grown at an annual rate of 23% since 2010. In 2018, flexible space accounted for nearly two-thirds of the country’s office market occupancy gains.
More than 40 markets were evaluated in the study. Dallas ranked 12th overall, ranking among the top in individual categories factored including second in office net absorption since first quarter 2015 (15.3 million square feet) and seventh in population growth percentage since 2010 (15.2%).
“Stonebrook Business Park delivers an amazing work environment that fosters creativity and innovation,” Doggett tells GlobeSt.com. “Its design, location, stature and accessibility to top-tier amenities creates the ideal setting for many of our region’s cutting-edge companies, making it perfectly suited for the team at Venture X.”
Stonebrook Business Park is a mixed-use development near Stonebrook Parkway. The first phase of the development has delivered, which includes a 90,000-square-foot speculative office building. Future plans for the site include three additional office buildings, retail, restaurants, structured parking and a hotel. The office building features 30,000-square-foot floorplates and 5/1000 parking.