Honolulu, Hawaii/USA

Declines in construction, wholesaling and manufacturing have pushed the vacancy rate in Honolulu’s industrial real estate market to its highest point in more than 10 years, according to a new report.

The rise in vacancy also has pushed rents down by more than 7 percent in the past six months alone, according to the quarterly industrial report by Colliers Monroe Friedlander.

The vacancy rate for industrial property on Oahu rose to 5.13 percent during the second quarter, up slightly from 5.09 percent during the first three months of the year.

There was 20,519 square feet of occupied space lost during the quarter, which, when added to the 293,572 square feet of negative absorption in the first quarter, pushed the tally to 314,091 square feet for the first half of the year.

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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