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Oahu Industrial Market Report Q4 2022

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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

  • Oahu’s industrial vacancy rate dropped to a minuscule 0.81%.

  • Healthy fourth quarter  net absorption of 167,632 square feet pushed 2022 totals to 324,007 square feet.

  • Average asking base rents jump to record high of $1.48 psf/mo

  • An uncertain 2023 economy dampens enthusiasm for continued industrial market growth.

Industrial Stats Q4 2022 Final

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Oahu Industrial Market Report Q4 2022

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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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