Breaking Down Houston's Sublease Mania
Houston has 5.8M SF of sublease space available, up from 4.6M SF at the end of 2014. Sublease space first started hitting the market aggressively in November, and has increased steadily since. (Just Monday, ConocoPhillips put 155k SF up for sublease in Offices at Park Ten, pictured.) With help from Transwestern’s Rachel Alexander, we broke down the submarkets with the most subleases available, and dug up the biggest sublease blocks on the market.
Sublease space: 1.4M SF
Increase from year-end 2014: 300k SF
Largest sublease block: 176k SF in 500 Jefferson
Sublessor: KBR
When it was listed: March 5
Sublease space: 1.2M SF
Increase from year-end 2014: 324k SF
Largest sublease block: 152k SF in Two Westlake Park and 149k SF in Three Westlake Park
Sublessor: BP
When it was listed: Dec. 22
Sublease space: 902k SF
Increase from year-end 2014: 121k SF
Largest sublease block: 274k SF in 6330 West Loop South
Sublessor: Worley Parsons
When it was listed: Nov. 19
Sublease space: 700k SF
Increase from year-end 2014: 390k SF
Largest sublease block: 201k SF in CityWestPlace 4 and 103k SF in CityWestPlace 2
Sublessor: Statoil (the firm also has 58k SF up for sublease in 10111 Richmond)
When it was listed: Jan. 21
Sublease space: 546k SF
Increase from year-end 2014: 11k SF
Largest sublease block: 204k SF in Northborough Tower
Sublessor: Noble Energy
When it was listed: 2012
Sublease space: 282k SF
Increase from year-end 2014: 114k SF
Largest sublease block: 94k SF in Research Forest Lakeside Building 4
Sublessor: Talisman Energy
When it was listed: Feb. 20
Sublease space: 239k SF
Increase from year-end 2014: 106k SF
Largest sublease block: 78k SF in Phoenix Tower
Sublessor: NALCO Champion
When it was listed: Feb. 11
