NAI Partners Sublease Index at 11.1%.Download the PDF
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 April 29, 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 8.1% in Q2 2020. The peak was reached at 19.5% back in Q3 2016.
Many firms continue to downsize. There was 8.0 million sq. ft. being marketed for sublease as of the end of April 2021. Some of the largest blocks include Noble Energy’s 430,000 sq. ft. in Noble Energy Center II, BHP Petroleum’s 255,000 sq. ft. in 1500 Post Oak, and NRG’s 200,000 sq. ft. in GreenStreet Tower.
New sublease space listed. Houston Methodist has put a significant block of office space in the Houston area on the sublease market after deciding to allow many employees to work remotely. The hospital system is listing 100,812 sq. ft. of office space in Bellaire on the sublease market. The space at 4800 Fournance Place had been planned for the information technology department of Houston Methodist until the pandemic hit and workers never moved in.
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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.