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Oahu Office Market Report Q1 2022

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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.


Key Takeaways

  • 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


Office Charts 2022 Q1 


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Oahu Office Market Report Q1 2022

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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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