The problem in that latest report is that space with more than 25,000 sf has risen from 22 locations to 25, Buls said. These leases account for 56% of the available sublease space, up from 54% the previous two weeks and continue a trend of the past eight weeks.
"It's a real hard thing to interpret because larger leases take longer lease-up time," Buls tells GlobeSt.com. "People that lease large space usually look a year in advance for places to move. That space is probably going to move slower than smaller space."
Several leases were signed for sublease space along north MoPac Boulevard. "Buildings that are well situated and well designed continue to attract good tenants, especially at the lease discount rates that are coming out," Buls says.
Advertised rates are down $2 per sf to $3 per sf, he says. "What that means for really good tenants is that's as much as a $5 to $6 discount once the lease is negotiated," he says. "Probably a 25% discount. That's significant from last year."
There are still major spaces not included in the report because they haven't been released. They include the Jones, Lang, LaSalle lease of 108,000 sf for Sun Microsystems Inc. and Solectron's 240,000 sf.
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