Honolulu, Hawaii/USA

The vacancy rate for Honolulu’s office market could rise to 11 percent by the end of 2009, as rents continue the downward slide that began at the start of this year, according to a new report.

The islandwide vacancy rate for all classes of office properties was 10.4 percent as of the third quarter, according to the report by Colliers Monroe Friedlander. It was the ninth consecutive quarter in which the vacancy rate increased, and the report forecasts the rate will rise again to between 10.5 percent and 11 percent by the end of the year.

The report notes that office vacancies are a lagging indicator of the economy.

“Because the office market is so reliant on job growth to build demand for office space, you have to generate additional jobs before you start seeing growth in the office market,” said Mike Hamasu, Colliers’ research and consulting director and author of the report.

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 808.523.9797 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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