Job Losses Mount as Office Market Softens
At the end of 2019, the island’s vacancy rate fell below 10% for the first time in over a decade and landlords were beginning to enjoy the change in market dynamics. Seemingly overnight, the COVID-19 pandemic forced businesses throughout the State of Hawaii to adhere to government Shelter-In-Place directives and adopt stringent social distancing and sanitation requirements.
|YTD Net Absorption:||(92,259) SF|
|Full Service Gross Avg. Asking Rent:||Island wide: $3.18 PSF/Mo|
|Office Jobs (YTD April 2020)||(8,200)|