Market Welcomes 2021 with Hopefulness
For many, 2020 will be a year they want to forget. The COVID-19 pandemic affected every corner of the world as millions of infections resulted in a global economic recession. During the course of 2020, Oahu’s unemployment rate hit a record high of 20.8%, as unemployment claims skyrocketed six-fold and every major job category posted a loss of positions.
Oahu’s office market had just completed its transition to a landlord’s market when it took an abrupt reversal at the start of 2020. In the first three quarters the impact of the pandemic generated more than 144,000 square feet of negative net absorption and pushed vacancy rates above 10%, signaling the reversion to a tenant’s market.
Q4 2020 Office Market
|YTD Net Absorption:||(132,380 SF)|
|Full Service Gross Avg. Asking Rent:||Island wide: $3.25 PSF/Mo|
|Office Jobs (YTD Oct 2019 vs 2020)||(9,200)|