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Oahu Office Market Report Q4 2021

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Outlook Clouded by Omicron’s Presence

Oahu’s office market lost more than 248,000 square feet of occupancy since the pandemic’s inception and struggled to find its footing as job losses mounted and vacancy rates rose from 10% to 13%. Despite a surge in Delta variant infections that hit record levels during Q3 2021, Oahu’s office market generated almost 40,000 square feet of Q4 2021 positive occupancy growth as vacancy rates fell from 12.97% to 12.71% at year-end 2021.

While rising office job counts, falling unemployment rates, and surging office leasing activity provided fuel for an optimistic outlook for 2022, the emergence of Omicron, the latest COVID-19 variant, could dampen hopes of a 2022 office market recovery.


Key Takeaways

  • Office market shows signs of improvement as vacancy rates fall for Q4 2021
  • Economy continues to recover
  • Leasing activity returns to pre-COVID levels
  • Oahu lags U.S. market recovery
  • 2022 office market outlook hazy


Office Market Stats 



Oahu Office Market Report Q4 2021

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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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