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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Houston-based Archaea Energy's RNG facilities capture waste emissions and convert them into low-carbon fuel. Photo via archaeaenergy.com

BP’s proposed $4.1 billion acquisition of Houston-based Archaea Energy promises to dramatically boost the energy giant’s presence in the biogas market.

Publicly traded Archaea is one of the largest producers of renewable natural gas, or RNG, in the U.S. Its RNG facilities capture waste emissions and convert them into low-carbon fuel. Biogas is produced through the conversion of organic matter like animal manure, trash, plant material, food waste, and sewage.

Through the cash-and-debt deal, BP will gain ownership of 50 RNG and landfill gas-to-energy facilities across the U.S. Once the deal is wrapped up, BP anticipates a 50 percent increase in biogas volumes.

Archaea's development pipeline of more than 80 projects holds the potential for a fivefold increase in RNG volumes at BP by 2030. The pipeline includes 40 RNG projects that Archaea plans to develop with Republic Services, a solid waste disposal company based in Phoenix. Republic Services is a rival of Houston-based Waste Management.

BP expects Archaea to double its biogas-driven EBITDA to about $2 billion within the next eight years. Allied Market Research predicts the global market for waste-derived biogas will jump from $52.9 billion in 2020 to $126.2 by 2030.

The Archaea acquisition is set to close later this year. Once the deal is completed, Archaea will operate as subsidiary of BP, whose U.S. headquarters is in Houston. Archaea relocated its headquarters from Pittsburgh to Houston last year.

“Archaea was founded with a mission to build the world’s leading RNG development company to reduce global emissions and make multigenerational sustainability impacts,” Nick Stork, co-founder and CEO of Archaea, says in a news release. “In a very short period of time, we have rapidly become a leading RNG platform in the U.S., and [the BP acquisition] will further enable this business to realize its full potential.”

BP notes that the demand for biogas is rising thanks to the growth of renewable hydrogen, electric-vehicle charging, and other emerging segments of the energy sector.

“Our biogas team is already one of the leading suppliers of renewable natural gas in North America,” Dave Lawler, chairman and president of BP America, says in a news release. “This deal accelerates our ability to deliver cleaner energy, generate significant earnings in a fast-growing sector, and help reduce emissions. This could help BP take a significant stride toward our net-zero ambition.”

BP America employs nearly 4,000 full-time workers in Houston.

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