According to a report released by commercial real estate firm Colliers International, a total of $942 million of commercial property was sold during the first six months of 2012. This is a huge increase from the $450 million of sales during the first six months of the 2011. The report believes that commercial sales will exceed $2 billion by the end of the year. Colliers’ report stated, “Hawaii’s outlook is brightening as market dynamics are beginning to trend into positive territory.” Despite this excellent improvement, it should be noted that this is still significantly below the $3 billion to $4 billion worth of commercial sales seen during the height of the past real estate market from 2004 to 2007.
The five largest sales in commercial real estate included:
Pearlridge Center (80 percent state) – $289.4 million
Sears, Ala Moana – $250 million
Avenue Shops, Safeway Center, Kapahulu – $72.2 million
First Insurance Center – $71.6 million
2114 Lauula Street, Waikiki – $15.5 million
Sears, Ala Moana – $250 million
Avenue Shops, Safeway Center, Kapahulu – $72.2 million
First Insurance Center – $71.6 million
2114 Lauula Street, Waikiki – $15.5 million
Source: Honolulu Star Advertiser, 9-7-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
