HOUSTON – (Realty News Report) – Regus, the largest flexible office and co-working operator in Houston, has renewed an 18,000-square-foot lease at One Westchase Center in West Houston, according to Transwestern.
Industry experts say many tenant companies will increasingly rely on flexible office space and co-working solutions as businesses navigate uncertainty during the coronavirus pandemic and adapt to the post-Covid workplace.
For the Westchase lease, Transwestern’s Senior Vice President Louann Pereira, Managing Director Doug Little and Vice President Matthew Seliger provided agency leasing services on behalf of the landlord, Nitya Capital.
CBRE representatives Kevin Saxe and Corbin Janssen represented the tenant, RGN Houston I LLC, which operates under the Regus brand.
A September CBRE survey of major companies worldwide found that 86 percent expect to incorporate flexible space as a core element of their real estate strategies going forward, up from 73 percent in June. The survey also indicated that 82 percent of the 77 companies polled prefer buildings that include flexible-space offerings.
Nationally, there are 83.6 million square feet of flexible office space, with 2.9 million square feet located in Houston, CBRE reports.
Regus No. 1 in Houston; followed by Boxer
Regus is the largest flexible-space operator in Houston with 717,107 square feet, followed by Boxer Workstyle Executive Suites, WeWork, Spaces and The Cannon, according to CBRE.
“This downturn has sparked flex office to become a strong alternative to traditional leases for many office-using companies,” said Julie Whelan, CBRE Global Head of Occupier Research. “That is in large part because flex space can provide companies the agility to accommodate a workforce that values more choice over where and how they work.”
“Additionally, the flex-office sector is growing increasingly resilient as more landlords operate their own flex space or form partnerships with flex operators for portions of their buildings,” she added.
In August, Nitya Capital, a Houston-based real estate firm led by Swapnil Agarwal, acquired the One Westchase Center office tower in West Houston.
The 466,000-square-foot building at 10777 Westheimer is located just west of the Sam Houston Tollway.
Dec. 29, 2020 Realty News Report Copyright 2020
File: Regus Renews Houston Commitment
Photo: Courtesy Transwestern
File: (2) Transwestern. Nitya Capital. Regus Renews Houston Commitment in Westchase. Co-working. CBRE. Julie Whelan.