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Oahu Office Market Report Q4 2022

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Office Market Posted A Nominal Loss for 2022

At the end of Q4 2022, Oahu’s office market posted a slight loss of 1,537 square feet of net absorption as vacancy rates rose from 12.85% to 12.90% during the past quarter. Comparing year-over-year performance, the market appeared relatively unchanged in 2022 with year-to-date loss of 1,461 square feet of net absorption as vacancy rate rose from 12.71%. Unfortunately, this calm exterior contradicted the underlying volatility of a transitioning office market. 

Over the past three years, Oahu’s office market lost more than 240,000 square feet of occupancy, with vacancy rates jumping from 9.93% in Q4 2019 to nearly 13% at year-end 2022. During these COVID-19 pandemic years, many businesses re-evaluated their office space requirements and often reduced square footage. 


Key Takeaways

  • Q4 2022 net absorption posted a small occupancy loss of 1,537 square feet

  • Office vacancy rates remained below 13% after jumping above 14% in Q2 2022

  • The Central Business District posted its third consecutive quarter of occupancy gains

  • Hybrid office conditions likely to persist

  • Office market remains resilient despite slowdown in office leasing activity

Q4 2022 Office Statistics


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Oahu Office Market Report Q4 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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