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Sublease Activity Picks Up Steam

The amount of sublease space as a percentage of the total amount of available space decreased to 16.8%, compared to 17.8% at this time last month, currently at 10.1 million square feet, according to recent reports.

Houston skyline NRG will occupy 18 floors within the 50-story 1.1 million-square-foot One Shell Plaza.

HOUSTON—Office market sublease space declined by slightly less than 1 million square feet during third quarter 2017, according to a recent report by Transwestern. With NRG Energy’s sublease in the CBD, sublease activity picked up steam near the end of the quarter as tenants impacted by Harvey looked for plug-and-play value options.

NRG is subleasing 431,037 square feet from Shell Oil Company at One Shell Plaza—910 Louisiana in downtown. NRG will occupy 18 floors within the 50-story 1.1 million-square-foot high-rise, with a term through December 31, 2025 when Shell’s lease expires. This transaction marks the city’s largest sublease deal since the oil slump began more than two years ago, according to NAI Partners.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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