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Oahu Industrial Market Report Q1 2021

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Oahu Industrial Market image of industrial interior

Despite COVID-19, Industrial Market Posts Positive Occupancy Gains in 1Q2021

Since March 2020, the impact of the COVID-19 pandemic forced Oahu’s economy into a steep recession. Much of Oahu’s industrial sectors were required to adopt conservative business strategies that included trimming payroll, reducing inventory and cutting overhead costs in order to survive. At year-end 2020, industrial vacancy rates rose to 3.05%, its highest level in nine years.

However, the industrial market is beginning to show initial signs of improvement. In 1Q2021, Oahu’s industrial market recorded an increase of 110,765 square feet of occupancy as the island-wide vacancy rate declined to 2.78%. While it is still premature to forecast an economic recovery, Oahu’s industrial market performance has served as a good coincident indicator of the economy. Typically, as businesses regain confidence in their future, job counts increase and business expansion plans re-emerge fueling demand for warehouse space.

Key Takeaways

  • Industrial market proves to be resilient
  • More than 110,000 square feet of occupancy growth for 1Q2021
  • New developments push rents higher
  • Land sales projected to pick up steam
  • Industrial forecast turns optimistic

Industrial Stats

Oahu Industrial Market Report - 1Q 2021

Oahu Industrial Market Report Q1 2021

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Related Experts

Mike Hamasu

Research & Consulting Director

Hawaii - Honolulu

Michael brings to Colliers Monroe Friedlander, Inc. 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 Value 
• Highest and Best Use Studies
• Real Estate Portfolio Analysis
• Strategic Positioning Study
• Market Rent and Vacancy Forecasts
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