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Breaking Down Houston's Sublease Mania

    Breaking Down Houston's Sublease Mania

    Houston has 5.8M SF of sublease space available, up from 4.6M SF at the end of 2014. Sublease space first started hitting the market aggressively in November, and has increased steadily since. (Just Monday, ConocoPhillips put 155k SF up for sublease in Offices at Park Ten, pictured.) With help from Transwestern’s Rachel Alexander, we broke down the submarkets with the most subleases available, and dug up the biggest sublease blocks on the market.

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    1. CBD

    Sublease space: 1.4M SF
    Increase from year-end 2014: 300k SF
    Largest sublease block: 176k SF in 500 Jefferson
    Sublessor: KBR
    When it was listed: March 5

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    2. Energy Corridor

    2. Energy Corridor

    Sublease space: 1.2M SF
    Increase from year-end 2014: 324k SF
    Largest sublease block: 152k SF in Two Westlake Park and 149k SF in Three Westlake Park
    Sublessor: BP
    When it was listed: Dec. 22

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    3. West Loop/Galleria

    3. West Loop/Galleria

    Sublease space: 902k SF
    Increase from year-end 2014: 121k SF
    Largest sublease block: 274k SF in 6330 West Loop South
    Sublessor: Worley Parsons
    When it was listed: Nov. 19

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    4. Westchase

    4. Westchase

    Sublease space: 700k SF
    Increase from year-end 2014: 390k SF
    Largest sublease block: 201k SF in CityWestPlace 4 and 103k SF in CityWestPlace 2
    Sublessor: Statoil (the firm also has 58k SF up for sublease in 10111 Richmond)
    When it was listed: Jan. 21

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    5. Greenspoint/North Belt

    5. Greenspoint/North Belt

    Sublease space: 546k SF
    Increase from year-end 2014: 11k SF
    Largest sublease block: 204k SF in Northborough Tower
    Sublessor: Noble Energy
    When it was listed: 2012

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    6. The Woodlands

    6. The Woodlands

    Sublease space: 282k SF
    Increase from year-end 2014: 114k SF
    Largest sublease block: 94k SF in Research Forest Lakeside Building 4
    Sublessor: Talisman Energy
    When it was listed: Feb. 20

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    7. Greenway Plaza

    7. Greenway Plaza

    Sublease space: 239k SF
    Increase from year-end 2014: 106k SF
    Largest sublease block: 78k SF in Phoenix Tower
    Sublessor: NALCO Champion
    When it was listed: Feb. 11