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Oahu Retail Summary Market Report Q3 2021

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Soft Market Conditions Continue

Oahu’s retail market posted its third consecutive quarterly loss with 30,637 square feet of net absorption as vacancy rates rose to 7.25%, the highest level since the pandemic started. More than 370,000 square feet of tenancy was lost during the past eighteen months as COVID-19 took its toll on the island’s retail sector.

 

The most notable closure occurred at Ala Moana Center when Shirokiya’s Village Walk and Vintage Cave restaurants shut down. After a protracted lawsuit between the landlord and tenant, we decided to include these available spaces in our 3rd quarter counts. This loss of more than 45,000 square feet represented the lion’s share of vacancy for the quarter.

 

Key Takeaways

  • Negative net absorption recorded for the third consecutive quarter

  • Vacancy rose to 7.25%, its highest level during the past five years

  • Construction pricing and supply chain issues impacted retailer expansion plans

  • Challenges remain as Delta variant impedes retail market recovery

 

Retail Charts

Sitecore Retail

Oahu Retail Summary Market Report Q3 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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