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Oahu Office Market Report Q3 2022

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Third Quarter Performance Provides Hope for Office Market

A surge in office leasing contributed to the 155,072 square feet of positive occupancy gains for Q3 2022 as vacancy rates fell from 14.18% in Q2 to 12.85% in Q3. As a result, this quarter’s positive net absorption eliminated a sizeable portion of the occupancy losses recorded during the first half of 2022. At the end of the third quarter, only a slight loss of 1,139 square feet of year-to-date net absorption existed.


Tenancy grew in nearly every office submarket during Q3 2022, and all classes of office buildings reported healthy gains during the quarter. Central Pacific Plaza, 677 Ala Moana, Waterfront Plaza, Airport Center, Ala Moana Pacific Center, Pan Am Building, and Harbor Court contributed more than 126,000 square feet of positive net absorption in the past three quarters.


Key Takeaways

  • 155,072 square feet of Q3 2022 occupancy growth buoyed the office market

  • Vacancy rates fell below 13% for the first time in three quarters

  •  Healthy leasing activity boosted nearly every office submarket

  • “Return to Office” discussion emerges once again

  • Office conversion activity to offset future vacancy rate increases

All Office Stats


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Oahu Office Market Report Q3 2022

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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

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