NAI Partners Sublease Index unchanged at 10.4%.Download the PDF
The NAI Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—registered at 10.4% as of January 31, 2021, unchanged from Q4 2020. The Sublease Index was last at 10.4% as of Q1 2019. The range of the index in the last two years touched a low of 8.1% in Q2 2020. The peak was reached at 19.7% back in Q3 2016.
The total amount of all available space (all space available regardless of whether it is vacant) in the Houston Office market is 69.5 million sq. ft. Available Class A space represents 62% of that total (43.1 million sq. ft.), and Class B represents 35% (24.6 million sq. ft.).
New sublease space listed. Some of the most recent sublease space added to the Houston sublease market includes: Schlumberger’s 144,594 sq. ft. at 1200 Enclave Parkway in Enclave Business Park in the Energy Corridor; National Oilwell Varco’s 125,839 sq. ft. at 10353 Richmond Ave in Millennium Tower II in the Westchase submarket; and McDermott’s 97,364 sq. ft. at 915 N Eldridge Parkway in Energy Center V in the Energy Corridor submarket. Houston’s office market saw sublease space decrease gradually during the first half of 2020, before rising in Q4 2020 to 7.1 million sq. ft., and a slight increase to 7.2 million sq. ft. at the end of January 2021.
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About NAI Partners
NAI Partners is one of the top 5 largest privately held and independently owned commercial real estate services firms in the state of Texas. NAI Partners was founded and is headquartered in Houston and has offices in San Antonio and Austin; offers the geographic expertise to complete real estate transactions throughout the state; and can leverage the power of the NAI Global network to arrange deals in any location around the world. NAI Partners employs more than 150 real estate professionals, and arranges more transactions than any of its competitors, completing over 700 commercial lease and sale arrangements every year. NAI Partners is a full-service firm offering client leasing and sales solutions in the areas of Office Tenant Representation, Office Project Leasing, Houston sublease, Industrial Tenant Representation, Industrial Project Leasing, Retail Tenant Representation, Retail Project Leasing, Landlord Services, Property Management, Investment Sales, Valuation and Advisory Services, Partners Facilities Services (PFS), and Project Management, among other lines of business. The company also has an investment fund platform called Partners Capital, and a development vehicle called Partners Development, both of which are wholly owned subsidiaries of NAI Partners. NAI Partners is the top Houston-based full-service commercial real estate firm on the Inc. 5000 list of fastest-growing private companies in America; the 5th-largest Houston-Area Commercial Real Estate Brokerage and #1 Mover of Square Feet among leasing and sales brokerages in Houston per the Houston Business Journal; the only commercial real estate firm on the Houston Business Journal’s Mid-Market 50 list; a top 12 largest San Antonio Commercial Real Estate Brokerage per the San Antonio Business Journal; and a top 20 Property Management Firm by square feet under management in Houston per the Houston Business Journal. NAI Partners has been named a Best Place to Work by the Houston Chronicle, Houston Business Journal and Austin Business Journal; and is among the University of Houston’s Cougar 100 Fastest-Growing Companies.