Unfortunately, the air temperature is the only thing that is hot related to Honolulu office space. Although, according to our local OfficeFinder rep the Honolulu office space market is beginning to hold its own:
“After two quarters of negative absorption, Honolulu’s office market registered slight positive absorption in the 4th quarter of 2013 to keep vacancy unchanged at 13.1 %. Healthy occupancy gains in Kakaako and Kalihi/Iwilei were offset by losses in the Airport and Kapiolani submarkets. Downtown’s class A high rises which account for about a third of the island’s inventory remained unchanged at 13.7% vacant. The vacancy range was unchanged from the previous quarter: 5.0% (East Oahu) to 20.9% (Waikiki). Average asking base rents and operating expenses remained unchanged as did the resulting $3.05/sf/month Full Service Gross (FSG) rent (base rent plus full service operating expenses). However, Hawaii Commercial Real Estate’s index of available spaces decreased 3% from 651 to 634 spaces across the island.”
Honolulu is a relatively small market with a little over 11 million square feet of office space. If you are looking for Honolulu office space, we’d love to help.
By: James Osgood