HOUSTON – The Houston office market has experienced a 118 percent increase since the first quarter of 2015, according to Transwestern.
The surge in sublease space supply – Houston office market has 11.2 million SF of sublease space currently on the market – has developed as energy firm have shed excess office space. In a recent sublease move downtown, Freeport McMoran put 475,000 SF on the market, including 335,000 SF in the 717 Texas tower and 119,000 SF in Pennzoil Place.
The leading submarket for sublease space is the Energy Corridor with 3.5 million SF, followed by downtown with 2.1 million SF, Transwestern reported.
Sept. 19, 2016 Realty News Report Copyright 2016