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Oahu Retail Summary Market Report Q2 2021

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Pandemic Fears Begin to Subside As Retailers Start the Rebuilding Process

Since the onset of the COVID-19 pandemic in 1Q2020, a total of 226,208 square feet of retail shops have closed. While Oahu’s 2Q2021 loss of 23,655 square feet of occupancy boosted vacancy rates  to 7.11%, the pace of store closures slowed during the past quarter.

 

As the pandemic’s impact on Oahu’s economy starts to wane, business and consumer optimism is beginning to emerge. The steady progress made through the State’s immunization program resulted in more than 50% of the population being inoculated, which qualified Oahu to rise to Tier 4 of the City’s 5-Tier Reopening Strategy on June 11th.

 

There is a strong belief that the 60% inoculation rate, which is required for Oahu’s economy to enter Tier 5, will soon be achieved (Oahu is currently at a 58%). Tier 5 is the least restrictive of Oahu’s Tiered Reopening Plan and would allow restaurants, bars, theaters, bowling alleys, arcades and other commercial attractions to boost their occupancy rates from 10 to 25 people per party. Once a 70% inoculation rate is achieved, all restrictions will be lifted and Oahu’s economy will fully reopen.

 

Key Takeaways

  • Retail market continued to soften posting a 2Q2021 loss of 23,655 square feet of occupancy

  • Vacancy rates rose slightly from 6.97% to 7.11% during the past quarter

  • Restaurant revenues surge upward

  • Retail rents rebound after dip in 2020

Market Indicators and stats Hawaii Retail Market


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Oahu Retail Summary Market Report Q2 2021

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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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