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The sharing economy has spread to offices, and a communal workspace is opening in the heart of downtown Fort Worth.
CommonGrounds Workplace is a 25,621 square-foot shared office at 702 Houston St. CommonGrounds, which has locations in eight cities, offers flexible office space to its members for a monthly subscription. For $250 a month, you can use the communal space. For $475 a month, you can have a desk. Private offices start at $560.
“Our workplaces were built with the Fortune 1500 occupier in mind. We offer a first-class service, environment, furnishings and technology often found in their corporate headquarters,” said CEO Jacob Bates in a statement. “This enables companies to provide a compelling environment and connectivity for their employees in a coveted location on a monthly subscription freeing up other resources for the company’s growth and talent.”
Typically when a business needs an office space, it will have to sign leases with long-term minimum occupancy length, starting at 10 years or more. Office sharing spaces like CommonGrounds are attractive to smaller businesses that are unable to or don’t want to sign onto those long leases.
Office sharing is also beneficial when growth for a business is unpredictable, like in technology startups, which is where the concept originated.
CommonGrounds in Fort Worth is pre-signing members, and has a capacity for 360 members total. They currently have signed agreements for five offices.
This is its first location in Texas.
“Fort Worth has a high concentration of large corporate companies and the ancillary companies who serve them,” Bates said. “Those type of corporate occupiers are looking at coworking and flexible office as a strategic component of their real estate strategy.”
CommonGrounds opens Thursday.