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NAI Partners Sublease Index remains at 11.1%.

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The NAI Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—registered at 11.1% as of June 15, 2021, up 80 basis points from Q1 2021. The Sublease Index was last at or above 11.0% during Q4 2018. The low of the index in the last two years was 8.2% in Q2 2020. The peak was reached at 19.5% back in Q3 2016.

Challenging times for the office market. There is 8.0 million sq. ft. being marketed for sublease as of June 15, 2021. Three submarkets account for over half of all available sublease space in the Greater Houston Area with the Energy Corridor submarket offering 1.8 million sq. ft., the CBD with 1.6 million sq. ft. and the Galleria/West Loop submarket with 927,000 sq. ft.

Rising sublease availability. Houston has seen the amount of space available for sublease surge 53.5% in the past year as tenants added 2.8 million sq. ft. to the market. Some companies, such as power company NRG Energy and Chevron, are consolidating their office footprints in the aftermath of major mergers in the past year. However, not all the increased sublease availability is directly tied to energy. Some companies such as Houston Methodist are reevaluating their real estate needs post-pandemic and choosing a remote-work model that doesn’t need as much office space.


Leta Wauson
Director of Research
tel 713 275 9618

Previous Houston Sublease Indexes:

February 2021
January 2021
December 2020
November 2020

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.

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