According to a report released by Colliers International, a commercial real estate firm, over $2.2 billion of commercial real estate sales occurred during the first 6 months of 2013. This number set a new MidYear record for the Hawaiian islands and more than doubles the $942 million sold during the first half of 2012. For purposes of the report, sales included all commercial property including hotels, retail centers, office buildings and vacant land.
The Colliers report stated, "Investors continue to remain bullish in the Hawaii commercial real estate market. Hotels have regained their luster and institutional investors have jumped back into the hotel investment pool." The report noted that 78 percent ($1.7 billion) of the dollar value of all commercial property sales were from the sale of eight hotels. The largest transaction was the Grand Wailea on Maui, which sold for $774 million, followed by the Hyatt Regency Waikiki which sold for $450 million.
Source: Honolulu Star Advertiser, 8-23-2013, 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
