June 12, 2017
Houston’s sublease office inventory remains at 11.1 million square feet, of which 975,000 is set to expire in 2017, according to NAI Partners’ Monthly Snapshot report for June. Year-to-date leasing activity stands at 4.6 million, with 3.8 million square feet of direct space moved into the market. Direct vacancy was 18%, while vacancy with sublease was 20.2%.
NAI Partners notes that 2.7 million square feet is currently in the construction pipeline. Approximately 45% of the space is pre-leased. Sixteen of 18 construction projects, totaling approximately 1.6 million square feet, are expected to deliver in 2017.
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