Omicron Variant Infections Dampens 1Q2022 Office Market Recovery
Oahu’s office market started the year having lost 47,401 square feet of occupancy during the first quarter of 2022 as the office vacancy rate rose to 13.31%, its highest level in nearly 20 years. After dealing with COVID-19 infection cases for almost two years, Hawaii’s organizations, which suffered losses in both revenues and staff, postponed their 2021 return to office when COVID-19 variants Delta (June 2021) and Omicron (December 2021) surged.
- 1Q2022 Oahu Office Market Vacancy Rate Rises to Record High
- Omicron Variant Delays Office Market Recovery
- Office Sector Loses Jobs for Four Consecutive Months
- Oahu Office Tenants Begin to Adjust Space Requirements
- Fuel Price Increases to Impact Economy and the Office Market