Hines is getting into the coworking biz. Image courtesy of Hines

Houston-based real estate investor and developer Hines Interests LP is eyeing a piece of the burgeoning market for coworking space.

Hines just unveiled Hines², a platform for flexible office space at Hines-owned buildings. Hines² already is up and running at two locations: 717 Texas, a 33-story Class A office tower in Houston, and The Kearns Building, a 10-story office building in Salt Lake City.

Justin Boyar, director of market analytics at CoStar Group, a provider of commercial real estate data and analytics, points out that the two Hines buildings where Hines² has launched had vacancy rates of 48.6 percent (717 Texas in Houston) and 32.4 percent (Kearns Building in Salt Lake City) in the third quarter of this year.

Landlords like Hines increasingly are incorporating coworking into their office buildings "as a way to creatively entice tenants to buildings otherwise suffering high vacancy rates," Boyar says.

"Office landlords have been under siege this cycle by new space utilization trends — including increased density and efficiency, open floorplates, remote work, hoteling, and coworking," he says. "Office landlords now not only have to compete with structurally shrinking office demand but also with coworking providers who now offer hotel-like amenities and programming."

On the horizon are Hines² setups in markets such as Atlanta, Boston, Denver, New York City, the San Francisco Bay Area, and Washington, D.C. Eventually, Hines plans to enter other markets in North America, South America, Europe, and Asia.

New York City-based Industrious, a provider of flexible workspace, is Hines' operating partner for the new venture. Industrious runs more than 80 flexible-workspace sites in more than 40 U.S. cities. Additionally, Hines has teamed up with New York City-based Convene to provide event management and meeting services.

"Hines' workplace services offering will serve as a complement to our existing office capabilities, strengthening our position as the preferred partner for tenants and investors around the world, without changing our risk profile or leasing strategy. It's a natural extension of our vertically integrated operating model," Charlie Kuntz, chief innovation officer at Hines, says in a release.

Inside Hines properties, Industrious will operate centers known as The Square, which will supply coworking and flexible-workspace options, meeting and event services, food, beverages, collaboration areas, and community programming.

"The Square is a direct response to the changing needs of our current and future building tenants — our core customers. Hines has a 60-plus-year track record of providing superior space and service, and flexible workspace and office hospitality are a logical progression for us," Kuntz says.

In the coworking sector, Hines goes up against established players like Regus and WeWork. Working to Hines' advantage in the increasingly competitive coworking field is that it already owns the office buildings where Hines² will operate.

Coworking ventures like Hines² continue to emerge, given that flexible workspace and shared-amenity spaces are projected to make up about 30 percent of the U.S. office market by 2030, according to a forecast from commercial real estate services company JLL. Today, coworking accounts for less than 1 percent of the U.S. office market, according to CoStar.

CoStar says Regus ranks first among U.S. providers of coworking space, with about 16.8 million square feet. At No. 2 is WeWork, with 14.8 million square feet. Boyar predicts WeWork might surpass Regus by the end of 2019 to claim the No. 1 spot.

Boyar says that Regus and WeWork still dwarf other coworking providers in terms of lease space, although he notes that Hines partner Industrious is one of the fastest-growing providers in the U.S.

Nearly 47 percent of coworking occupancy in the U.S. is spread among six major office markets, according to CoStar. They are New York City; Los Angeles; Washington, D.C.; San Francisco; Boston; and Chicago.

Paul Leonard, managing consultant at CoStar Portfolio Strategy, says that although coworking is experiencing rapid growth, "it remains a small piece of the office universe and today is more of a collaborator with landlords than a competitor. That may change with time, but operators like WeWork have a far smaller share of office demand compared to other disruptors like Airbnb for hotels or Uber for rideshare and taxi services."

In Houston, coworking represents less than 0.5 percent of leased office space, or about 1.4 million square feet, according to Boyar. An estimated 190 buildings in the Houston area lease space to coworking tenants.

"Surprisingly, even this little amount of coworking space puts Houston in the conversation with the largest coworking markets in the U.S.," he says.

Boyar says it makes sense for Houston-based Hines to break into the coworking market in its hometown and elsewhere.

Hines is "seen by many industry insiders as the gold standard, so their foray into the coworking space represents an acceptance, of sorts, that coworking is here to stay," he says. "Subjectively, I think their partnership with Industrious and Convene represents formidable competition in the coworking space."

That being said, Boyar doubts Hines will embark on aggressive growth in coworking, as WeWork has. But he says Hines² "will allow them the ability to offer more flexible solutions to their tenants. If I were Hines, I would see this a risk worth taking."

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Houston company ranks No. 13 worldwide on Forbes Global 2000 list

World's Biggest Companies

More than 60 Texas-based companies appear on Forbes’ 2025 list of the world’s 2,000 biggest publicly traded companies, and nearly half come from Houston.

Among Texas companies whose stock is publicly traded, Spring-based ExxonMobil is the highest ranked at No. 13 globally.

Rounding out Texas’ top five are Houston-based Chevron (No. 30), Dallas-based AT&T (No. 35), Austin-based Oracle (No. 66), and Austin-based Tesla (No. 69).

Ranking first in the world is New York City-based J.P. Morgan Chase.

Forbes compiled this year’s Global 2000 list using data from FactSet Research to analyze the biggest public companies based on four metrics: sales, profit, assets, and market value.

“The annual Forbes Global 2000 list features the companies shaping today’s global markets and moving them worldwide,” said Hank Tucker, a staff writer at Forbes. “This year’s list showcases how despite a complex geopolitical landscape, globalization has continued to fuel decades of economic growth, with the world’s largest companies more than tripling in size across multiple measures in the past 20 years.”

The U.S. topped the list with 612 companies, followed by China with 317 and Japan with 180.

Here are the rest of the Texas-based companies in the Forbes 2000, grouped by the location of their headquarters and followed by their global ranking.

Houston area

  • ConocoPhillips (No. 105)
  • Phillips 66 (No. 276)
  • SLB (No. 296)
  • EOG Resources (No. 297)
  • Occidental Petroleum (No. 302)
  • Waste Management (No. 351)
  • Kinder Morgan (No. 370)
  • Hewlett Packard Enterprise (No. 379)
  • Baker Hughes (No. 403)
  • Cheniere Energy (No. 415)
  • Corebridge Financial (No. 424)
  • Sysco (No. 448)
  • Halliburton (No. 641)
  • Targa Resources (No. 651)
  • NRG Energy (No. 667)
  • Quanta Services (No. 722)
  • CenterPoint Energy (No. 783)
  • Coterra Energy (No. 1,138)
  • Crown Castle International (No. 1,146)
  • Westlake Corp. (No. 1,199)
  • APA Corp. (No. 1,467)
  • Comfort Systems USA (No. 1,629)
  • Group 1 Automotive (No. 1,653)
  • Talen Energy (No. 1,854)
  • Prosperity Bancshares (No. 1,855)
  • NOV (No. 1,980)

Austin area

  • Dell Technologies (No. 183)
  • Flex (No. 887)
  • Digital Realty Trust (No. 1,063)
  • CrowdStrike (No. 1,490)

Dallas-Fort Worth

  • Caterpillar (No. 118)
  • Charles Schwab (No. 124)
  • McKesson (No. 195)
  • D.R. Horton (No. 365)
  • Texas Instruments (No. 374)
  • Vistra Energy (No. 437)
  • CBRE (No. 582)
  • Kimberly-Clark (No. 639)
  • Tenet Healthcare (No. 691)
  • American Airlines (No. 834)
  • Southwest Airlines (No. 844)
  • Atmos Energy (No. 1,025)
  • Builders FirstSource (No. 1,039)
  • Copart (No. 1,062)
  • Fluor (No. 1,153)
  • Jacobs Solutions (1,232)
  • Globe Life (1,285)
  • AECOM (No. 1,371)
  • Lennox International (No. 1,486)
  • HF Sinclair (No. 1,532)
  • Invitation Homes (No. 1,603)
  • Celanese (No. 1,845)
  • Tyler Technologies (No. 1,942)

San Antonio

  • Valero Energy (No. 397)
  • Cullen/Frost Bankers (No. 1,560)

Midland

  • Diamondback Energy (No. 471)
  • Permian Resources (No. 1,762)
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A version of this article originally appeared on CultureMap.com.

Texas plugs in among states at highest risk for summer power outages in 2025

hot, hot, hot

Warning: Houston could be in for an especially uncomfortable summer.

A new study from solar energy company Wolf River Electric puts Texas at No. 2 among the states most at risk for power outages this summer. Michigan tops the list.

Wolf River Electric analyzed the number of large-scale outages that left more than 5,000 utility customers, including homes, stores and schools, without summertime electricity from 2019 to 2023. During that period, Texas experienced 7,164 summertime power outages.

Despite Michigan being hit with more summertime outages, Texas led the list of states with the most hours of summertime power outages — an annual average of 35,440. That works out to 1,477 days. “This means power cuts in Texas tend to last longer, making summer especially tough for residents and businesses,” the study says.

The Electric Reliability Council of Texas (ERCOT), which operates the electric grid serving 90 percent of the state, predicts its system will set a monthly record for peak demand this August — 85,759 megawatts. That would exceed the current record of 85,508 megawatts, dating back to August 2023.

In 2025, natural gas will account for 37.7 percent of ERCOT’s summertime power-generating capacity, followed by wind (22.9 percent) and solar (19 percent), according to an ERCOT fact sheet.

This year, ERCOT expects four months to surpass peak demand of 80,000 megawatts:

  • June 2025 — 82,243 megawatts
  • July 2025 — 84,103 megawatts
  • August 2025 — 85,759 megawatts
  • September 2025 — 80,773 megawatts

One megawatt is enough power to serve about 250 residential customers amid peak demand, according to ERCOT. Using that figure, the projected peak of 85,759 megawatts in August would supply enough power to serve more than 21.4 million residential customers in Texas.

Data centers, artificial intelligence and population growth are driving up power demand in Texas, straining the ERCOT grid. In January, ERCOT laid out a nearly $33 billion plan to boost power transmission capabilities in its service area.

Houston ranks among top 5 cities for corporate HQ relocations in new report

h-town HQ

The Houston area already holds the title as the country’s third biggest metro hub for Fortune 500 headquarters, behind the New York City and Chicago areas. Now, Houston can tout another HQ accolade: It’s in a fourth-place tie with the Phoenix area for the most corporate headquarters relocations from 2018 to 2024.

During that period, the Houston and Phoenix areas each attracted 31 corporate headquarters, according to new research from commercial real estate services company CBRE. CBRE’s list encompasses public announcements from companies across various sizes and industries about relocating their corporate headquarters within the U.S.

Of the markets included in CBRE’s study, Dallas ranked first for corporate relocations (100) from 2018 to 2024. It’s followed by Austin (81), Nashville (35), Houston and Phoenix (31 each), and Denver (23).

According to CBRE, reasons cited by companies for moving their headquarters include:

  • Access to lower taxes
  • Availability of tax incentives
  • Proximity to key markets
  • Ability to support hybrid work

“Corporations now view headquarters locations as strategic assets, allowing for adaptability and faster reaction to market changes,” said CBRE.

Among the high-profile companies that moved their headquarters to the Houston area from 2018 to 2024 are:

  • Chevron
  • ExxonMobil
  • Hewlett-Packard Enterprise
  • Murphy Oil

Many companies that have shifted their headquarters to the Houston area, such as Chevron, are in the energy sector.

“Chevron’s decision to relocate its headquarters underscores the compelling advantages that position Houston as the prime destination for leading energy companies today and for the future,” Steve Kean, president and CEO of the Greater Houston Partnership, said in 2024. “With deep roots in our region, Chevron is a key player in establishing Houston as a global energy leader. This move will further enhance those efforts.”

According to CBRE, California (particularly the San Francisco Bay and Los Angeles areas) lost the most corporate HQs in 2024, with 17 companies announcing relocations—12 of them to Texas. Also last year, Texas gained nearly half of all state-to-state relocations.

In March, Site Selection magazine awarded Texas its 2024 Governor’s Cup, resulting in 13 consecutive wins for the state with the most corporate relocations and expansions.

In a news release promoting the latest Governor’s Cup victory, Gov. Greg Abbott hailed Texas as “the headquarters of headquarters.”

“Texas partners with the businesses that come to our great state to grow,” Abbott said. “When businesses succeed, Texas succeeds.”

CBRE explained that the trend of corporate HQ relocations reflects the desire of companies to seek new environments to support their goals and workforce needs.

“Ultimately, companies are seeking to establish themselves in locations with potential for long-term success and profitability,” CBRE said.