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Oahu Retail Summary Market Report Q1 2022

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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.


Key Takeaways

  • 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

Retail Charts 2022 Q1

2022 q1 Retail banner

Oahu Retail Summary Market Report Q1 2022

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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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