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NAI Partners Sublease Index edges up to 14.3%
The NAI Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—increased 30 basis points to 14.3% in May. Space being marketed for sublease represents 8.7 million sq. ft. of the 61.0 million-sq.-ft. total availability figure.
The increase was due in part to a significant block of office space in the West Belt area placed on the sublease market by GE Oil & Gas, totaling 182,000 sq. ft., located in the Westway III building at 4425 Westway Park Blvd., 102,647 sq. ft. of sublease space made available at 601 Travis St. in the CBD by Dynegy, Inc., and 75,954 sq. ft. of sublease space being offered at Beltway 8 Corporate Centre by National Oilwell Varco, also in the West Belt submarket.
There is approximately 1 million sq. ft. of available Class A sublease in the CBD with a reported 2-year or less term. For companies seeking flexible, low-cost, shorter term office space, subleases can offer a very attractive alternative to leasing direct space.
Director of Research
tel 713 275 9618