How Big is Houston’s Sublease Market?
There is no question that in recent months, I see a new office sublease listing come across my email almost daily. The good news is Houston has much less sublease inventory than other major markets such as New York, Chicago and Los Angeles, which only speaks volumes to the fact the Bayou City has not felt the brunt of the recession like other major U.S market. So how much do we have and where is it?
Currently the Houston Office Market has just over five (5) million square feet of office space on the sublet market. This represents approximately 2.6% of the total Houston Office Space Inventory city wide which totals approximately 193.7 million square feet. As you would expect the biggest volume of office sublease inventory is located in our largest submarket the Central Business District (CBD) where just over 1.2 million square feet of office space is being activelty marketed for sublease. A breakdown by submarket reveals the following:
Houston Sublease Inventory by Submarket
Sublease Inventory by Building Class
- Class A Buildings: 3,291,001 square feet
- Class B Buildings: 1,687,470 square feet
- Class C Buildings: 115,077 square feet
Source: Colliers International