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office buildings and return to office

Houston Shrank Sublease Vacancies Last Year

During 2020, national office sublease space increased by 80 percent overall, according to Cushman & Wakefield. The firm recently released “Sublease Space at a Glance”, a report that examined sublease trends in 83 markets across North America.

However, the rate of increase did slow in the fourth quarter compared to the third quarter. Total sublease vacancy climbed to 124.2 million square feet at the end of fourth quarter 2020, surpassing the Great Financial Crisis peak, but remained below dot-com recession levels. Sublease space in 2020 accounted for 14.1 percent of total vacancy compared to 9.4 percent at the end of 2019.

In Houston, both the CBD and suburban markets recorded a decline in sublease vacancy in 2020. The city was one of 10 markets that shrank sublease figures year-over-year, taking the top spot with -.071 million square feet of supply. As of fourth quarter 2020, a total of 46.29 million square feet was available, of which 3.51 million square feet was sublease space (roughly 1.8 percent of total inventory), says Cushman & Wakefield.


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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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