With oil prices still far below their highs of a few years ago, many energy companies—some of which expanded rapidly when oil was north of $100 a barrel—now find themselves with more office space than they can reasonably use (or even afford). In order to mitigate their lease exposure, these companies are looking to sublease a portion of their office space.
As of Q1 2017, there are approximately 10.8 million square feet of office space available for sublease in the Greater Houston area. Of that total, approximately forty-two percent (42%) is located in West Houston, including in the Energy Corridor (20%), Westchase (12%) and West Belt (7%) markets.
Continue Reading Often Overlooked Sublease Issues For Office Tenants