Energy Fallout: 1 Million SF of Sublease Office Space Hits Houston Market | RN

Energy firms are putting excess Houston office space on the market for sublease following layoffs and pullbacks in their exploration plans, says Dan Boyles, a partner in the NAI Partners realty firm.

Three companies, Statoil, BP and WorleyParsons engineering, are putting a total of 1 million square feet of their Houston office space on the market to be leased by other firms as sublease space.

Mergers and acquisitions, including the huge Halliburton/Baker Hughes combination, will also result in office space being put back on the market for sublease, Boyles says.

via Energy Fallout: 1 Million SF of Sublease Office Space Hits Houston Market | Realty News Report.

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