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Oahu Office Market Report Q4 2020

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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.

Summary Statistics

Q4 2020 Office Market

 YTD Net Absorption:  (132,380 SF)
 Vacancy Rate:  11.58%
 Full Service Gross Avg. Asking Rent:  Island wide: $3.25 PSF/Mo
 Office Jobs (YTD Oct 2019 vs 2020)  (9,200)

Oahu Office Market Report Q4 2020

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Related Experts

Mike Hamasu

Research & Consulting Director

Hawaii - Honolulu

Michael brings to Colliers Monroe Friedlander, Inc. 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 Value 
• Highest and Best Use Studies
• Real Estate Portfolio Analysis
• Strategic Positioning Study
• Market Rent and Vacancy Forecasts

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