Welcome to Update:Hawaii

CBRE Compiles 2nd Quarter Retail, Office and Industrial MarketViews

Retail and Investment Are Very Active, Office Stays Stable, Industrial Vacancy Falls

The CBRE Hawaii MarketView reports give important details, comparisons and developments in retail, office and industrial sectors in the second quarter of 2012:

Retail Highlights – “Tenants are driving the boat”
- Oahu and Hawaii Island have lowest vacancy rates
- Kalakaua Avenue lease rents and gross revenues are up “significantly”
- Strip malls struggle with highest vacancy rates

Office Highlights – “Average asking lease rates held steady at $2.86 SF”
- Honolulu office experienced positive net absorption in 2012 first half
- Rail and Military Infrastructure Projects keep office market “stable”
- West Oahu office market continues negative absorption and high asking rents

Industrial Highlights – “Industrial vacancy declined significantly”
- Vacancy rate falls to 3.7%
- Base rental rates decreased $.92

The complete set of CBRE MarketView Hawaii 2nd quarter reports accompany this release. CBRE is the largest commercial real estate services firm in the world.

Retail MarketView data is compiled from a set of 75 retail properties, in five categories including Community Centers, Regional Malls, Resort Centers, Strip Centers and Value Centers across the State, and are used historically by CBRE in Hawaii to reflect general market conditions.

Office MarketView data is compiled from a set of 100 office buildings concentrated within the Central Business District (CBD) Downtown and Suburban Business Districts used historically by CBRE in Hawaii to reflect general market conditions.

Industrial MarketView basis data includes improvements on property that is taxed or zoned for industrial use in Hawaii, excluding buildings that are under construction.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).  The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.


Leave a Response