Texas is the largest state both in terms of total area and total population. At the same time, it has the second largest economy in the country. Last year the GSP (Gross State Product) was almost $1.9 B, and the population is close to 29,000,000. In an unusual contrast, activity in the entrepreneurial sector is ranked 4th in the entire nation while only 84% of adult Texans have a high school degree (which actually is the 2nd lowest nationally).
The largest cities in Texas are Houston (pop. 2,325,500), San Antonio (pop. 1,532,000) and Dallas (pop. 1,350,000).
The three largest buildings in Houston are JPMorgan Chase Tower - 1,684,000 sq. ft. (600 Travis Street) , Wells Fargo Plaza- 1,834,000 sq. ft. (1000 Louisiana Street) and Williams Tower- 1,600,000 sq. ft. (2800 Post Oak Boulevard) - all built in 1982/1983.
In San Antonio, Weston Center at 112 East Pecan Street is the largest office structure, at 500,000 sq. ft. The Tower Life Building at 310 South Saint Mary's Street is next at 30 floors and 283,000 sq. ft., and third on the list is the Frost Bank Tower at 23 floors and 187,000 sq. ft.
In Dallas, Bank of America Plaza (1,900,000 sq. ft., at 901 Main St.) is the largest office tower followed by Renaissance Tower (1,740,000 sq ft at 1201 Elm Street) and The Comerica Bank Tower (1,531,000 sq. ft. at 1717 Main Street).
Texas currently has a very low unemployment rate (close to 3%), and because of strong job growth here the employed population is increasing at the rate of 325,000 new jobs per year. Professional and business services employ over 1,800,000 persons, finance over 805,000 and information about 205,000. This bodes well for the fractional office space market as well as the business center/executive suite component.
The state has about 30,000 Attorneys and 45,000 Accountants as well as 25,000 computer systems and operations people. Houston has a vacancy rate of about 20% with an average office rent around $30 per sq. ft. The coworking landscape is dominated by IWG and WeWork, but the flexible office market occupies a small percentage of the total, though it is constantly growing. Houston and Dallas are among the top 20 cities for the total number of lawyers working there (5,000 and 3,500 respectively). This factor, as well as the high density of Certified Public Accountants, points towards a strong sublet market for individual offices in professional firms.
Texas has 43,000 physicians as well as over 9,000 dental practices - which affects the need for part time and full time shared healthcare office space.
LookingForSpace provides a viable data source for professionals who want to meet other professionals with extra offices available for sublease. We "match" professional renters with firms and practices that have shared office space with various amenities included to suit specific occupations. We'll connect you with professionals who operate in areas similar to yours where you can benefit from camaraderie as well as business/practice synergy while sharing knowledge about your subject matter and possibly extra business that needs another practitioner to execute.
