X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-With the recent downturn in the economy and other factors, sublease space is on the rise in Houston, says Robert Kramp, director of client services for the Texas offices of Grubb & Ellis Co.

Kramp believes the third quarter is likely the “quiet before the storm” in terms of sublease space. But, he cautions, Houston’s sublease space will be low in comparison to Dallas and other cities. In third quarter research, Dallas had nearly eight million sf available for sublease while Houston reported approximately 3.5 million sf.

Bank United’s recent merger with Washington Mutual has caused the company to place 175,053 sf of vacant sublease space on the market at the Phoenix Tower at 3200 Southwest Freeway, Kramp says. Meanwhile, layoffs at Bindview have freed up 62,000 sf at the Halliburton Center at 5151 San Felipe. And, Proxicom vacated the two top floors at 2700 Post Oak, adding 32,535 sf to the sublease market. Kramp says more sublease space could surface with Continental Airlines layoffs, but he explains that it’s hard to quantify right now exactly what the future holds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.