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Oahu Retail Summary Market Report Q2 2020

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Full Effect of COVID-19 Not Seen Yet

Prior to COVID-19, Oahu’s retail market had already been showing signs of a downturn. Store closures and bankruptcies occurred with regular frequency, leaving empty storefronts in their wake. With a second quarter loss of 18,942 square feet, we enter the fifth consecutive quarter of negative net absorption as vacancy rates continued to rise, hitting 5.97%. 

In reviewing second quarter statistics, it appears that the pandemic and the economic tempest that followed, did not immediately materialize in a surge of available retail space. However, it is still too early to predict how the market will be affected in the coming months. As stores begin to reopen, many are navigating the impact that social distancing and sanitation prerequisites will have on their businesses.

Summary Statistics

2Q2020 Retail Market

 YTD Net Absorption:  (92,329) SF
 Vacancy Rate:  5.97% 
 Avg. Asking Rent Range:  $4.18 PSF/Mo 
 Retail Job Losses (3/2020 - 5/2020)  (34,600) positions
 Hotel Occupancy (5/2019 - 5/2020)  82.9% vs 13.1%

Hawaii Retail Market Report

Oahu Retail Summary Market Report Q2 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.

PROFESSIONAL EXPERIENCE
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.

CONSULTING ASSIGNMENTS
• 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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