Honolulu, Hawaii/USA

The new Colliers Monroe Friedlander report on the Hawaii retail real estate market says the recession has caused vacancy rates to rise from less than 3/4 last year to about 4 percent now.

It's a five-year high. But it's also still a very low vacancy rate. And if you drill down into the data, you find that downtown retail vacancy is less than 3 percent while it's even lower in Central Oahu and East Oahu. Waikiki is higher, almost 7 percent.

The Friedlander report cites E&O Trading Company, Nick's Fishmarket, Brew Moon, the Hallmark jewelry store, and five Starbucks outlets, are examples of businesses that once did well but have closed in this downturn, citing slower business, and, often, citing unwillingness of landlords to make concessions on rent until better times.

The Friedlander report suggests that landlords are starting to become more prudent about this, and are no longer always willing to sacrifice a marginal tenant in the confident expectation of finding someone better.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,700 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 billion square feet, and has revenue of $US 1.6 billion.

Contact Information

For further information please contact Andrew D. Friedlander at 808-523-797 or via email at andrew@colliershawaii.com or Mike Y. Hamasu at 808-523-9792 or via email at mike@colliershawaii.com.

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