US: Brookfield Properties and workspace operator Industrious will open a new coworking space at the 3 Houston Center building.
The property will open in May 2023, incorporating 277 seats across 23,500 square feet, as well as private offices, shared spaces, conference rooms and more. It will be the second Industrious property in the city.
Brookfield is the largest landlord in downtown Houston. The deal comes at a time when Houston’s Downtown Redevelopment Authority is urging developers to rethink how redundant office space can be repurposed through its adaptive reuse incentive program.
According to CoStar, Houston currently has the largest office vacancy rate in the country, priming these inexpensive spaces for repurposing.
“The economic challenges of conversion will most likely require an incentive program to encourage adaptive reuse in much the same way that historic structures receive tax credits for renovation, or through a program similar to the Downtown Living Initiative that incentivised the residential construction or conversion in the Downtown Houston market,” said the city’s program proposal.
