Paradigm Tax Group Industry News

Paradigm Tax Group Industry News

Stay informed with the most current Industry News that affects your business and impacts property taxes across the nation.

    Energy Giant Adds More Office Space to Houston’s Growing Sublease Market

    2 Jun, 2016

    ConocoPhillips is the latest energy company to add a huge chunk of office space to Houston’s growing sublease market. The Houston-based company announced June 1 it will put the entire Energy Center 4, a 596,000-square-foot, 22-story tower located in the Energy Corridor, up for sublease. The building was never occupied.  "The decision to market the building for sublease aligns with the company’s focus on sustaining structural cost reductions and continued efforts to capture efficiencies," ConocoPhillips said in a statement. "We constantly review our entire portfolio and make adjustments where appropriate; office space being no exception.”

    According to the Houston Business Journal, ConocoPhillips already has more than 400,000 square feet of office space on the sublease market at other offices also in the Energy Corridor. Elsewhere, Houston-based Apache Corp., Marathon Oil Corp. and Shell Oil Co. are just some of the other energy giants that already put office space on Houston's sublease market. As of March, there was roughly 81 percent more sublease space on the market than there was at the same time last year.  At the time, three submarkets had more than 1 million square feet of space available for sublease: Energy Corridor, downtown and Uptown.

    For the full article the Houston Business Journal, click here.

    Topics: Office, Real Property, Leased, Texas, Oil - Gas - Energy - Utilities