According to a report released by Colliers International, a commercial real estate brokerage firm, the warehouse leasing sector has begun its recovery. Colliers calculated that about an additional 200,000 sq ft of leasing space was filled on the island of Oahu during the first half of 2013. This reduced the island wide warehouse vacancy rate from 3.75 percent to 3.15 percent. Landlords have also increased their rental rates from an average of 96 cents per sq ft to $1 per sq ft. In comparison, vacancy rates were almost at 5 percent from 2008 to 2011. Oahu's lowest warehouse vacancy rate was recorded in 2004 at 1.7 percent. Colliers International feels that the increased demand for warehouse space is directly related to improvement in the construction and tourism industries. They firm also notes that the state plans to reclaim warehouse space near the Honolulu International Airport and Sand Island, which would further increase demand for private warehouse space.
Source: Honolulu Star Advertiser, 7-12-2013, 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
