Downtown San Antonio is gearing up to welcome a new player in the co-working game as Common Desk lays out the welcome mat at Travis Park Plaza. Set to open doors early next month, the facility banks on the increasing demand for flexible workspaces and marks Common Desk's first foray into the city. A hefty $1 million renovation has prepared nearly 20,000 square feet of the third floor, complete with 72 private offices, multiple conference rooms, and dedicated spaces for both Zoom calls and podcasting. An espresso bar and complimentary bottomless drip coffee sweeten the deal for prospective members, according to the San Antonio Report.
Joshua Bar-Yadin, a founder and partner at Entrada Partners, which owns Travis Park Plaza, said the move is in response to the office market's shifting sands, "But after COVID hit, flexibility on leases became a big demand driver." Despite renovation delays and overruns, he expects Common Desk's presence to hoist the building’s occupancy rate to about 85%. Notably, vacancies in office spaces nationwide have been surging, with reports indicating a 19.6% national vacancy rate. San Antonio has fared slightly better with a year-end vacancy rate of 12.6%, as pointed out by CoStar senior marketing analyst Daniel Khalil.
In the grand scheme of things, Common Desk distinguishes itself by shirking traditional long-term leases in favor of management agreements with landlords. This arrangement sees building owners fronting the cost of upgrades, while revenue generated through memberships is split between both parties. "It’s a really good benefit for the operating company because they go in without a lease and without having a huge liability or commitment to pay rent," Bar-Yadin told the San Antonio Report. This model has proven enticing enough for WeWork, which acquired Common Desk in 2022, despite its own bankruptcy filing at the year’s end.
The co-working landscape in San Antonio has just surpassed 400,000 square feet across 48 locations with the addition of Common Desk. But co-working space isn't just about a desk and a chair anymore, it includes a range of ventures that cater to a collaborative, entrepreneurial spirit. Only a stone’s throw away at the Rand Building, Geekdom commands the city’s largest single co-working space totaling 53,000 square feet and brings more to the table with programs aimed at fostering startup growth. Geekdom’s CEO, Charles Woodin, sees Common Desk as a complementary presence rather than a competitor and told the San Antonio Report, "We do have co-working space and some people use it that way, to come and plop down their computer and throw on their headphones and work." Yet, he added, the majority are hard at work building startups or pushing their entrepreneurial ventures forward.
Meanwhile, Centro San Antonio's CEO Trish DeBerry foresees a hungry crowd ready to embrace spaces like Common Desk for its blend of flexibility, amenities, and networking potential. The company’s choice to plant its flag in San Antonio was no shot in the dark. The city's vibrant community and entrepreneurial settings made it an attractive destination. Kristen Poulton, head of marketing at Common Desk, underscored the town's community-driven ethos as being in line with their brand identity. And as for the facility itself, it offers a cozy atmosphere with an array of flexible membership options, right down to student memberships and day passes.
