Demand for Flexible Workspace Stabilized in Houston After Pent-up Demand in 2021

Friday, June 17 , 2022

The average cost-per-desk for flexible workspace in Houston is down seven percent year-over-year ($456 per desk per month so far in 2022 vs. $461 per desk per month in 2021), according to Instant's latest data.

The average cost-per-desk for flexible workspace in Houston is down seven percent year-over-year ($456 per desk per month so far in 2022 vs. $461 per desk per month in 2021), according to an analysis from global workspace innovation firm The Instant Group, whose digital platforms constitute the world’s largest digital marketplace for flexible workspace listing meeting rooms, virtual offices, flexible office space, and co-working memberships.

Supply, meaning the number of flexible workspace centers in the market, has grown by four percent, or to 148 centers in 2022. Of these centers, 9 percent are co-working, 57 percent are hybrid workspaces, and 34 percent are serviced offices*.

Demand has also dipped 5 percent when comparing the past six months to the previous six months. However, between Q4 2021-Q1 2022, demand rose 30 percent.

“Broadly speaking, the huge growth in demand we saw in 2021 was largely pent-up demand, and what we see now in 2022 is, in fact, a more mature and stable approach, with companies looking to the flexible sector for support with both lease changes on the horizon or a need to grow into new space, said James Rankin, head of research and insight,” The Instant Group.

In The Woodlands, the average cost per-desk for flexible workspace similarly declined, by four percent ($490 per desk per month in 2022 vs. $513 per desk per month in 2021). Of the 12 total centers, 50 percent are hybrid while 50 percent are serviced. Demand in this market is up 31 percent when comparing H1 2022 to H2 2021, as more employees have returned to office.

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