Oct 11, 2016
JLL: Houston office sublease market, be in the know
HOUSTON - Sublease space continues to inundate the Houston office market—as leasing demand has been unable to keep pace with supply, Houston’s office availability hit 26.6 percent at mid-year.Here’s what...
HOUSTON – Sublease space continues to inundate the Houston office market—as leasing demand has been unable to keep pace with supply, Houston’s office availability hit 26.6 percent at mid-year.
Here’s what you need to know about the Houston office sublease market right now:
- CBD, Energy Corridor lead in sublease space availability: Houston’s office market now has 11.9 million sf of sublease space available—the largest blocks being found in the Energy Corridor and CBD.
- Sublease space in top submarkets is more than double the average inventory: Approximately 587,000 sf of sublease space is coming online each month.
- More than 5 million sf of sublease inventory is here for the long term: Only 2 percent of current sublease space will revert back to direct basis by year-end and Houston’s sublease market may grow to 13 million sf by 2017. Looking forward, additional deliveries combined with space contractions may push vacancy over 20 percent market-wide.
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