Tightest Market in History
Oahu’s industrial market has reached unprecedented levels as the vacancy rate dropped to a minuscule 0.81%, the lowest in recorded history. Q4 2022 net absorption totaled 167,632 square feet, marking eight consecutive quarters of occupancy growth while the number of available industrial listings dropped to a low of 57. For prospective tenants, finding suitable industrial facilities seems an insurmountable task.
Key Takeaways
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Oahu’s industrial vacancy rate dropped to a minuscule 0.81%.
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Healthy fourth quarter net absorption of 167,632 square feet pushed 2022 totals to 324,007 square feet.
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Average asking base rents jump to record high of $1.48 psf/mo
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An uncertain 2023 economy dampens enthusiasm for continued industrial market growth.
