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Oahu Market Report Q12020

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Before the COVID-19 Storm Clouds

As 2020 started, Oahu’s commercial real estate markets were projecting another healthy year. Air passenger arrival counts, tourism expenditures, and retail sales all hit record highs and it was hard to imagine the dramatic market changes that would result from a disease discovered in a distant part of the world. With the coronavirus pandemic becoming reality, Hawaii’s businesses fell victim to government mandates that restricted travel, social interaction and placed the State of Hawaii under quarantine.
Colliers completed market surveys for Oahu’s office, retail and industrial sectors for the first quarter of 2020. Inevitably, those results do not accurately reflect the current reality in this COVID-19 environment. This report provides a quick summary of the market conditions prior to Honolulu’s sheltering in place mandate (“SIP Order”), and the projected impact of COVID-19 on the Hawaii commercial real estate marketplace.

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Oahu Market Report Q12020

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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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