Newly Built Projects Push Vacancy to Seven Year High
As COVID-19 cases surged in the third quarter, Oahu’s businesses endured a second shutdown. While the industrial market initially fared better than retail and hotels, by the third quarter, the pandemic reached all employment sectors. Thousands of jobs were lost, and hundreds of businesses closed.
Oahu’s industrial market reversed direction during the third quarter. While occupancy growth was positive in the first half of 2020, a total of 392,704 square feet of negative net absorption was recorded in the third quarter, resulting in a year-to-date loss of 329,049 square feet of occupancy.
3Q2020 Industrial Market
|YTD Net Absorption:||(329,049) SF|
|Direct Wtd. Avg. Asking Rent:||$1.27 PSF/Mo.|
|August 2019 vs 2020 Construction Permit Volume:||(8.0%)|