Our own Griff Bandy discussed the sublease market at O’Connor & Associates’ recent Houston Office Forecast Luncheon. Among Griff’s talking points:
- Sublease availability continues to increase, but at slower rates, to just under 12.2 million SF, compared to the historical average of 3.33 million SF prior to current oil downturn.
- Sublessors are lowering initial quotes and, in some cases, agreeing to abate rent to secure subtenants
- Larger blocks of sublease space are continuing to come on the market.