Guest column

5 things to keep in mind when finding coworking space in Houston

Here's what all you should consider before settling into a coworking spot. Leanne Hope/Cresa

If you're in the market for office space you've undoubtedly heard a lot about one of the fastest growing trends in commercial real estate – coworking. What started as a simple idea to help freelancers and startups find workspace is now beginning to disrupt the traditional office market. More than 1,000 spaces opened in the US in 2018 alone, according to Coworking Resources.

But, as this trend continues to take off, tenants now face a wide range of potential options. So many, in fact, it can seem overwhelming weeding through them. Where does one even start? How do you find the right space? Here are five things you should keep in mind when conducting your search.

Location

We've all heard the old adage that the three most important things in real estate are location, location, location. Although it's become a well-worn cliché, it's overused because it's usually spot on. That doesn't mean, however, that you should limit yourself to the space just down the street. There are other factors you need to consider.

If you're looking to build a team, understanding where the labor force is can be vital for sustaining growth through recruiting. Some companies place value being in proximity to their client base to make visiting and hosting prospects easier. Others may want better access to area amenities such as gyms, restaurants and shopping that could help create a better work/life balance.

Fit

Coworking isn't a one-size-fits-all-solution. Each space has its own energy and community. Some are even specialized to tailor to unique niches. There are spaces for women only and the health conscious. There are others specifically designed for different industries, including tech firms, legal practices and even cannabis growers. Be sure to ask questions when touring to get a better sense of what each space is like.

Stylistically, coworking is also growing up. Bold colors and patterns are fun, but they may not be right for everyone. Your surroundings say a lot about your company's culture, and if you're hosting clients regularly you may opt for a more sophisticated space with higher end finishes. Understanding your business goals and needs should help you prioritize what's important.

Perks

Many perks, including access to coffee bars, high-speed WIFI, and conference rooms, have seemingly become commoditized by coworking operators. To help differentiate themselves, these operators are beginning to take a hospitality like approach.

Tenants today can find everything from on-site childcare and locker rooms to rentable private event space and organized networking events. Some providers also offer discounts to use preferred vendors for business services like payroll and technical support. Maximizing these added perks can really make or break the decision on a specific space.

Flexibility

One of the major advantages of coworking space compared to a traditional office lease is increased flexibility. Committing to space for a shorter period of time is great, but coworking space creates other ways to help tenants remain flexible.

If you're forecasting significant future growth, you may want to select a space with enough room to accommodate that need to avoid any interruption in business operations caused by relocation. Worried distractions could be overwhelming or that privacy could become an issue? There are plenty of options that offer a wide range of workspace solutions, from private desks to secured suites for teams.

Finding a coworking operator with multiple locations could provide a workspace solution for team members who are scattered across the country. This is also a great option if you find yourself traveling between the same locations repeatedly.

Price

Comparing pricing between locations isn't always apples to apples. Workspace providers may or may not include many things in their advertised pricing. Pay attention to the fine print as some coworking companies charge for things like parking, phone service, conference room time, printing/copying, admin services and coffee. Factor in any of these charges when comparing your options as sometimes a space may appear less expensive than it really is.

With more coworking options than ever before, find one that works for you. Don't settle. No two spaces are the same, but keep in mind that your surroundings say a lot about who you are. Pick one that conveys the message you want to send to employees and clients.

Maximizing perks could help offset some cost, but make sure you understand what you're being charged. If you do a little homework then you should be able to focus on what really matters most – your business.

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Sue Rogers is principal of Transaction Management Cresa in Houston.

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Building Houston

 
 

Data Gumbo, founded and led by Andrew Bruce, has announced its latest funding. Photo courtesy of Data Gumbo

A Houston-based tech company has announced another round of funding to support its blockchain network growth as well as to establish a presence in the Middle East.

Data Gumbo has closed its series B funding round totaling $7.7 million with follow-on investments led by Equinor Ventures. The round includes participation from Saudi Aramco Energy Ventures and Bay Area and Houston-based venture firm L37. The round's first close was announced in September 2020 at $4 million. The additional funds to close the Series B will be used to scale Data Gumbo to serve demand for GumboNet™ and GumboNet™ ESG. Additionally, Data Gumbo plans to establish a presence in the Middle East to cover expected demand growth in the region.

"The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships," says Andrew Bruce, founder and CEO of Data Gumbo, in a news release. "Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet™ ESG, Data Gumbo's trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network."

With this latest raise, Data Gumbo's total funding raised to date is $18.4 million.

"Data Gumbo's success is marked by a wide variety of business use cases and opportunities for expansion," says Bruce Niven, chief investment officer at Aramco Ventures, in the release. "Our continued investment is a testament to our continued support as the company attracts new customers, experiences further demand for its network and gains traction in new markets."

The company's technology features smart contract automation and execution, which reduces contract leakage, frees up working capital, enables real-time cash and financial management, and delivers provenance with unprecedented speed, accuracy, visibility and transparency, per the release.

"Data Gumbo is the market leader for smart contracts backed by blockchain, and the coming year will be a period of exponential growth for the company as they penetrate new industrial markets," says Kemal Farid, partner at L37, in the release. "We believe strongly that GumboNet will become the de facto network for smart contracts across industries for capturing value and solving enormous pain points in contractual relations. Additionally, as companies move to meet increasing sustainability measurement demands and ESG improvements, there is a huge growth path available for Data Gumbo with the launch of GumboNet ESG."

Earlier this year, the company announced its environmental, social and corporate governance tracking and reporting tool.

"Equinor's recent pilot at the Johan Sverdrup field has demonstrated that GumboNet can create strong value for the partnership," says Gareth Burns, head of Equinor Ventures, in the release. "Our follow-on investment confirms Equinor Ventures' confidence in Data Gumbo's solution for our company and the broader energy industry."

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