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Kauai Market Report Q4 2021

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Maui Report

Maui's CRE Marketplace Begins to Stabilize

After facing a short COVID-19 pandemic-initiated recession in 2020, Maui’s economy posted a 2,500 job gain during the past year as the island’s unemployment rate decreased to 6.3% for December 2021.  This is its lowest level since Maui’s government-mandated economic shutdown that started in March 2020 and since peaking at a record high 34% jobless rate in April 2020. 

Much of this job growth resulted from a rebound in retail and accommodation positions during the past year. Maui’s jump in air passenger arrival counts, which nearly tripled in size from 791,700 to 2,296,276 during the past year, elicited rehiring efforts. Correspondingly, Maui’s hotel occupancy rates improved strongly from a year-to-date (“YTD”) December 2020 level of 34.6% to 60.2% for 2021. As a result, the average daily room rate jumped 31.1% to $536.17, and revenue per available room surged 128% to $322.70. Additionally, this surge in visitors produced $4.1 billion in visitor expenditures, which boosted retail sales and prompted many retailers to rehire employees.

The COVID-19 Omicron variant’s infection rate that surged during the end of 2021 and into January 2022 appears to have peaked. As a result, Maui County has lifted several travel restrictions and dropped requirements for patrons of bars, gyms, and restaurants to provide proof of vaccination or negative COVID-19 tests for indoor service. The island’s retail, travel and hospitality sectors will benefit from this change and hopefully, continue to recover from the dramatic downturn in visitor expenditures during the past two years.


Maui Report

Kauai Market Report Q4 2021

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Related Experts

Mike Hamasu

Research & Consulting Director

Hawaii - Honolulu

Michael brings to Colliers over 25 years of marketing and marketing research experience. Michael has directed research efforts at commercial brokerages with a focus on providing information to assist in strategic decision making for real estate investors and brokerage clientele. This effort reported on nearly 600 million square feet of commercial/industrial properties in the San Francisco Bay Area.

Having been quoted in the Wall Street Journal, USA Today, Real Estate Forum and Commercial Property News as well as other regional publications, Michael has been recognized for his detailed analysis of the commercial real estate marketplace and has  become the recognized source for commercial real estate trend analysis and forecasts for Hawaii’s marketplace.

In addition to managing the primary and secondary research efforts in the collection of commercial office, retail and industrial market information and statistics, Michael established the company’s real estate consulting division. Utilizing market factors such as: vacancy rates, absorption, net effective rents, and sales comparables, this consulting unit is able to advise developers, investors, property owners, and tenants on current and projected market trends.

Whitney Cressman Limited — Commercial Real Estate Marketing Research Director
Directed brokerage, internal research efforts, and generated real estate consulting assignments at a busy boutique firm in San Francisco Bay area. Served as the principal liaison to press and media. Analyzed office, retail, and development site criteria for market demand and feasibility.

Cushman & Wakefield — Commercial Real Estate Research Services Manager
Oversaw the compilation of market analytics for 600 million square foot commercial and industrial markets throughout the San Francisco Bay area. Recognized nationally and regionally for innovative data management and analysis. Selected to serve on a national career development board for research services. Directed research staff of 12 in five Bay area markets.
Identified by brokers as a manager achieving service excellence.

• Development Feasibility Analysis
• Market Demand and Absorption Report
• Broker Opinion of Market Pricing
• Highest and Best Use Studies
• Real Estate Portfolio Analysis
• Strategic Positioning Study
• Market Rent and Vacancy Forecasts

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Karen Birkett

Vice President | Hawaii

Hawaii - Honolulu

Karen M. Birkett is Vice President of the Office & Investment Services at Colliers. Karen services both landlords and tenants, which enables her to be very effective in all levels of lease negotiations, small and large. Karen has represented various landlords such as Bristol Group, Central Pacific Bank, Aloha United Way, Office of Hawaiian Affairs, Versa, and is responsible for securing new tenants as well as renewing existing tenants for over 100,000,000 square feet of office space in the downtown, Kapiolani, Iwilei and Kakaako areas.  In addition, Karen is the leasing agent for Na Lama Kukui, a unique building which attracts both retail and office users.

Along with the responsibility of representing various landlords, Karen has extensive experience in servicing tenants, both small and large. Past and present clients include Hawaii State Federal Credit Union, DTRIC, Charles Schwab, HMAA, Hawaiian Electric Company, MC&A, Halekulani Corporation, Waikiki Health Center, Edward Jones, HonBlue, Atlantis Submarine, Hawaii Pacific University, Allstate Insurance, Atlas Insurance, Kiewit Construction, Yogi Kwong Engineering, and Rider Levett Bucknall just to name a few. In addition, Karen has represented various law firms, financial services groups, non profits, contractors/engineers and numerous alternative energy companies.

In addition to assisting landlord and tenants Karen has been involved in multiple acquisition/disposition projects in Honolulu including The Arcade Building, Airport Center, Ocean View Center, Haseko Center, 1833 Kalakaua, Alakea Corporate Plaza Condominiums, Melim Building, 500 N. Nimitz, 501 Sumner and 810 Richards Building, just to name a few.

Prior to Karen’s success in commercial real estate, she spent 5 years in the residential and commercial mortgage lending business.  Before her years in the mortgage business, Ms. Karen spent many years in retail sales management, while at the same time owning and operating a variety of her own businesses, giving her the knowledge and understanding of what it takes to be a business owner. Karen’s experiences of owning various businesses, coupled with her many years of experience working for large corporations, has enabled her to understand the needs of all clients whether they are small business owners or large corporate clients.

Karen is originally from Whidbey Island, Washington, but has lived in Hawaii for over 30 years.

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