Optimism Returns as Omicron Variant Infections Subside
The Oahu retail market posted 38,786 square feet of 1Q2022 net absorption as the vacancy rate fell below 7% for the first time in nearly a year. After losing nearly 260,000 square feet of tenancy during the past two years, the recent occupancy growth registered for the past two quarters provides hope that Oahu’s retail market is beginning to show signs of stabilization. For a market that suffered sizeable economic losses during the past two years, the return of unrestricted tourism and the re-opening of retail stores will go a long way towards achieving some semblance of normalcy.
Retail market posted second consecutive quarter of occupancy growth as vacancy rates trended below 7% for the first time in a year
Impact of Omicron variant starts to fade as government mandates are lifted
Optimism emerges as tourism and retail spending surge
Forecast includes continued retail growth for 2022