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NY Chart of the Week: Sublease Space Keeps Dropping
Across the US, overall sublease space has reached 43M SF, a 47.8 percent decrease from Q1 '10 and a 8.6 percent year-over-year decrease. According to JLL Research, these decreases are illustrative of the office market's high momentum and high demand for flexible sublease space options as companies expand in a tightening environment.
The only exception, it seems, is Houston, which has actually seen significant space come back to market due to the energy industry stalling and a 14.9 percent spike in sublease vacancy in 2015.
As competition for limited large-block direct options increases, JLL says, rents will boost in commodity and well-located properties.
