According to reports released by Colliers International and CBRE, two commercial real estate firms, Oahu’s warehouse vacancy rates decreased from 4.8 percent in 2011 to 3.8 percent in 2012. This equated to approximately 392,000 sq ft of empty warehouse space being filled during the course of the year. Colliers noted in their report that, “The improved economy is placing increased demands on the island’s industrial marketplace.”
The commercial real estate firms also noted that the state of Hawaii has announced that they would be developing a new shipping container terminal on 94 acres on the Ewa end of Honolulu Harbor. This state owned land is currently filled with warehouses which the state leases out to private individuals and companies. As a result, the tenants occupying approximately 1.5 million square feet of warehouse space on this state owned industrial land will have to move out by February 2014. This will increase the demand for private warehouse space and should lead to higher rates and higher occupancy in the coming years.
Source: Honolulu Star Advertiser, 1-22-2013, 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
