According to a report released by Colliers International, a commercial real estate firm, approximately 4.8 percent of all warehouses on the island of Oahu remain vacant. The equates to approximately 1.9 million square feet of vacant space. In comparison in 2004, there was a 1.7 percent vacancy rate for warehouse space. Rates have also declined to approximately 92 cents per square foot. The Colliers report stated, “Like the crab that skittles along sideways, Honolulu’s industrial market appears to be reticent about its desire to recover from its downturn.”
CB Richard Ellis, another commercial real estate firm, predicts that 2012 will be another flat year. In a report released by CB Richard Ellis, “Without significant job creation and a few major construction projects underway, it is highly likely that the Honolulu industrial market will remain flat into 2012.”
Source: Honolulu Star Advertiser, 2-3-2012, 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
