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Oahu Industrial Market Report Q4 2021

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2021 Industrial Market Booms

Despite the global COVID-19 pandemic, Oahu’s industrial market flourished during 2021. New markers were established as occupancy growth reached a new record high of over 590,000 square feet for the year and the lowest vacancy rate in recorded history was reported at 1.60% for Q4 2021.

 The pandemic forced the closure of many brick and mortar stores and disrupted the normal flow of retail goods to the end-consumer. Unable to purchase their necessities by conventional means, many consumers turned to the internet as e-commerce sales surged. For e-commerce companies, logistics plays a primary role in coordinating manufacturing, packaging, freight forwarding, shipping, and delivery to the end-consumer. As these supply chain components prospered, demand for additional industrial space swelled.

As demand surged, the number of available industrial space listings on Oahu dropped to a minuscule 98, setting a record low. For many industrial businesses, the severe shortage of available space inhibited their company’s growth potential as their facilities could no longer accommodate additional business activity. 

Key Takeaways

  • Fourth consecutive quarter of robust leasing activity

  • 2021 registered a record high 591,855 square feet of net absorption

  • Vacancy rates drop to 1.60%, establishing a new record low

  • Available industrial land shrinks as values continue to escalate

  • Tight market conditions to persist with lack of new industrial development 

Industrial Stats Q42021


Oahu Industrial Market Report Q4 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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