BREAKING NEWS

Chevron Phillips Chemical Sells Office Building

RNR Real Estate Briefs — Texas & more

Houston Home Sales Heat Up in June

The Ralph Bivins Project: Podcast Guest Brad McWhirter

New Stores Surge Into Houston

Trammell Crow Starts 6 Buildings in SE Houston

REALTY NEWS REPORT - Logo

Downtown Houston
RNR-RalphBivinsProject-Interviews
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact
FacebookLinkedinYoutubeEmail
REALTY NEWS REPORT - Logo

OXY Dropping 814,000 SF Onto Sublease Market

by Realty News ReportJuly 6, 2018
Share0

HOUSTON – (Realty News Report) – Occidental Petroleum is expected to vacate a large amount of office space, increasing Houston’s supply of sublease office space, according to a new report from NAI Partners.

“A significant amount of the increase is due to Occidental Petroleum placing close to 814,000 sq. ft. of sublease space on the market at 5 Greenway Plaza (746,070 SF) and 3 Greenway Plaza (67,525 SF) this month. In April, Occidental Petroleum was said to be in discussions to purchase ConocoPhillips’ Energy Corridor campus, but word on a final decision has not yet been released,” according to NAI Partners’ Sublease Index report.

The sublease index—measured by the amount of sublease space as a percentage of total available space — increased 100 basis points to 15.3 percent in June.

The Houston office market has 9.3 million SF of sublease space listed on the market. This is far above historical highs of sublease space, but it is less than the peak of more than 12 million SF in 2016.

A rapid decline in oil prices, starting in 2014, created a retreat in oil industry and vacancies in office buildings in the Energy Corridor, Downtown and other Houston submarkets.

July 6, 2018 Realty News Report Copyright 2018

 

Share0
previous post
Law Firm Expands in Downtown Tower
next post
Houston: It’s Time to Re-Think What’s Truly Pro-Business

Related posts

Chevron Phillips Chemical Sells Office Building

Realty News ReportJuly 14, 2025

RNR Real Estate Briefs — Texas & more

Realty News ReportJuly 12, 2025

Houston Home Sales Heat Up in June

Realty News ReportJuly 9, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Search News

CommGate
new version
ECD-RealtyNewsReport-Ad-300x250
Partners Ad
CBRE Ad
Arch Con Corporation Ad
Hines Ad
Avera Ad
RNR Ad 030124
Ziegler Cooper Ad
Lee & Associates Ad
2021 Realty News Report Ad
RNR - Lincoln Property Company
Hal Gordon - Property Tax Lawyer
Hunington Ad
230725-RNR_Digital-Ad_Red
Hunington Ad

Let's Connect

logo
About US
Author Ralph Bivins is editor of Realty News Report, which covers regional and national news. Bivins recently received the Gold Award for Best Column in the National Association of Real Estate Editors Journalism Competition. Contact us
Follow us
FacebookLinkedinYoutubeEmail
@2022 All Right Reserved. Powered by CGS Digital Marketing
REALTY NEWS REPORT - Logo
FacebookLinkedinYoutubeEmail
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact