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The NAI Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—decreased 140 basis points to 14.0% in April.
The drop was due primarily to 453,000 sq. ft. of sublease space moving over to direct space in the Greenspoint/North Belt West submarket—specifically 8 Greenspoint at 222 Benmar Dr. and CityNorth 1 at 233 Benmar Dr. Additionally, 47,958 sq. ft. of sublease space was taken off the market at 5444 Westheimer Rd.—a portion of that total was leased by Fiesta Mart LLC, a Houston-based grocery chain that is being acquired by Groupo Comercial Chedraui, for its headquarters near the Galleria. Lastly, a 24,235-sq.-ft. sublease was signed by Family Endeavors at 3010 Briarpark Dr. These transactions, along with several smaller deals, brought the total amount of available sublease space down to 8.4 million sq. ft.
There is 2 million sq. ft. of available sublease space with a one-to two-year term left, equally divided between Class A and Class B space. The CBD and Westchase submarkets represent 32% and 25% of this space, respectively.
Director of Research
tel 713 275 9618