Skip to main content Skip to footer

Oahu Office Market Report Q2 2022

Download Report

Office Occupancy Declines for Second Consecutive Quarter

Oahu’s office vacancy rate rose to 14.18%, the highest level ever recorded. A total of 98,471 square feet of second-quarter negative net absorption contributed to an overall loss of more than 145,000 square feet of tenancy during the first half of 2022. As we pass the second anniversary of the start of the COVID-19 pandemic, it is apparent that it will continue to impact the office market’s performance this year. Infection rates for May and June 2022 rose to their highest levels, forcing many businesses to continue their hybrid work arrangements and ultimately push back their “return to office” timelines.


Key Takeaways

  • Q2 2022 Oahu office market vacancy rate hits a new record high
  • Leasing indicators take a step backward
  • Recessionary fears start to mount
  • Hybrid work here to stay and popular among all generations

Office Stats 2Q 2022 


Oahu Image 2Q 2022

Oahu Office Market Report Q2 2022

Download Report
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

View expert