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NAI Partners Sublease Index rises to 10.4%, up 120 basis points from last quarter


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The NAI Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—registered at 10.4% as of December 30, 2020, up 120 basis points from Q3 2020 at 9.2%. The Sublease Index was last at 10.4% as of Q1 2019. The range of the index in the last two years touched a low of 8.1% in Q2 2020. The peak was reached at 19.7% back in Q3 2016.

The total amount of all available space (all space available regardless of whether it is vacant) in the Houston Office market is 68.8 million sq. ft. Available Class A space represents 62% of that total (42.4 million sq. ft.), and Class B represents 36% (24.5 million sq. ft.).

Houston’s office market saw sublease space decrease gradually during the first half of 2020, before rising in Q3 2020 to 6.1 million sq. ft., and up to 7.1 million sq. ft. as of December 30, 2020. As the year ends, it’s no secret that COVID-19 has put the Houston economy in a crux, coupled with the hard hit to the oil and gas industry. By mid-2021 Houston growth should begin to recover slowly in the post-COVID period, while the energy sector may lag behind until further into the recovery.

Leta Wauson
Director of Research
[email protected]
tel 713 275 9618

Previous Houston Office Sublease Indexes:

December 2020

November 2020

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, 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.

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