More than two million sf of the sublease space is class A, said Mike Buls, who compiles the report, and that is having an impact on class A rental rates. Class A sublease space is advertised at higher rates than similar direct space. The average advertised class A sublease rate is $30.03 per sf while the direct class A average advertised rate is $29.46 per sf.
The addition of 140,000 sf of sublease space at two Las Cimas buildings increase the vacancy rate in the southwest submarket to more than one million sf and a vacancy rate of 21.27%. The amount of sublease and direct space has reached 6.5 million sf for an overall vacancy rate of 20.49%, according to Buls.
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