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Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—registered at 11.1% as of Q4 2019, up 70 basis points from last quarter at 10.4%. This is notable considering that the apparent glut of available sublease space has been one of the most prominent talking points in the Houston Office market the last three years; in spite of that widely-held perception, sublease availability has in fact been slowly shrinking during that timeframe—until now.

The rise in the Partners Sublease Index is primarily attributable to the following larger chunks of space that became available in Q4 2019: 85,415 sq. ft. at One City Center; 50,380 sq. ft. at Woodbranch Plaza III; and 52,566 sq. ft. at Westway Plaza.

The total amount of available space (all space available regardless of whether it is vacant) in the Houston Office market is 62.6 million sq. ft. Class A available space represents 83% of that total, and Class B represents 15%.

Q3 2018 to Q2 2019 saw a significant increase in the amount of new sublease space added to the market in Class A buildings built in 2014 or later—545,000 sq. ft., to be exact. That wave included 210,000 sq. ft. at 1500 Post Oak Blvd.—BHP Petroleum; 205,000 sq. ft. at Noble Energy Center II; and 130,000 sq. ft. at 11330 Clay Road —Westway Plaza—GE Oil & Gas.


Leta Wauson
Director of Research
tel 713 275 9618

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