Also in the news...
Countering sanctions evasion: guidance for freight and shipping
For freight forwarders, carriers, hauliers, customs intermediaries, postal and express operators, and other companies facilitating the movement of goods.
International Compliance Tips for Entrepreneurs Going Global
While expanding across borders can accelerate business growth, it also raises the stakes when it comes to staying legally compliant.
Cutting Administrative Burdens When Trading Abroad
From customs declarations to inventory tracking across borders, the paperwork and compliance requirements can quickly become overwhelming for growing companies.
Temporary agreement between the Swiss Confederation (Switzerland) and the UK on services mobility
Temporary agreement documents and the exchanges of notes extending the agreement.
Decision. UK-Central America committee documents
Decisions, documents and meeting minutes from UK-Central America countries committees.
Austin and Dallas dominate flexible office space market in Texas
Austin and Dallas dominate flexible office space market in Texas
Increasing demand for flexible options in these three key states has seen center supply increase by 12% YoY, compared to 10% in emerging markets, according to a report by Instant Offices.
With more businesses looking to swap conventional office space for flexible options across the US, the trend in co-working, serviced and hybrid offices is still growing and more than 20 years of data shows businesses can save up to 73% by choosing flexible office space over conventional leased space in the world’s major cities.
Key areas Austin and Dallas are two of the highest growth cities in Texas. Over the last year, both experienced robust growth, strong desk prices and a surge in flexible workspace centers by 6% overall.
Despite rising demand in Texas, desk prices have cooled over the last year. This indicates supply might finally be catching up to demand as new entrants hit the market and existing operators expand.
Average flexible desk rate in Austin reached $896 while Dallas saw average rates of $728 during the year. Both cities were dominated by the opening of hybrid centers, with Dallas seeing a 46% increase YoY and Austin an increase of 49%.
|
AVERAGE DESK COST |
|
|
Dallas |
$728 |
|
Austin |
$896 |
According to data, there is an estimated 80m square feet of flexible space across the US compared to between 50 and 60m square feet in the UK, the world’s second-largest market. Serviced offices or executive suites used to dominate the market, but the recent focus on hybrid locations from large providers and the strong growth from independent co-working centers has meant that, as of the first half of 2018, these more traditional serviced spaces only make up 46% of the market.
|
|
DALLAS |
AUSTIN |
|
No. of Flex Working Centers |
96 |
53 |
|
Growth 2017 vs 2018 |
6% |
6% |
|
Serviced |
43% |
22% |
|
Co-working |
10% |
26% |
|
Hybrid |
46% |
49% |
|
Other |
1% |
3% |
Explore flexible office space options across Texas here.