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Report: Office Space in Paradise (Honolulu)

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Thinking about moving to a warmer climate? Here is what our Hawaii Local OfficeFinder Member tells us about the Honolulu Office Space Market:

The Honolulu office market ended 2010 by continuing its occupancy slide. Nine of the last ten quarters have seen negative absorption. The 4th quarter saw 61,382 square feet of negative absorption bringing the 2010 total to negative 216,997 square feet. Vacancy increased to 12.1% vacant, 0.6% higher than the previous quarter and 1.9% higher than the same time in 2009. The islandwide average asking full service gross rent increased $0.03 during the quarter to $2.99/sf/mth. Operating expenses, which are included in the gross rent figure, decreased by $0.02 to $1.26/sf/mth. Asking base rent increased by $0.05/sf/mth during Honolulu CBD Class A Office Snapshot - 4th Quarter, 2010 the quarter, however the spread between asking and taking base rents is larger than in recent memory.

Weak Job Growth and Limited Tenant Demand
Although job growth turned positive in the 3rd quarter of 2010, it is forecast to remain weak through 2011. Because of a relentless push to reduce costs including rent, most businesses are putting more people in fewer square feet. The result is that the market needs slight job growth to offset this effect.

A 12% vacancy rate is a lot better than many other office markets!

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