A Challenging Year for Retail
As the pandemic continued through year-end, retailers faced many challenges. Resilience and persistence emerged as necessities for survival. For Oahu’s marketplace, the government mandates to shelter-in-place and adopt social distancing requirements as well as the travel quarantine’s impact on tourism, resulted in a rising number of retail store closures.
At year-end 2020, Oahu’s retail market posted a loss of 107,586 square feet of occupancy as vacancy rates rose from 5.37% at the end of 2019 to 6.41%. As a hopeful sign, fourth quarter ended on a positive note with a gain of 86,599 square feet of net absorption from third quarter. While this did not reverse the losses incurred during the first three quarters, vacancy rates did decline slightly from 6.58% in 3Q2020.
4Q2020 Retail Market
|YTD Net Absorption:||(107,586) SF|
|Avg. Asking Rent Range:||$4.17 PSF/Mo|
|Retail Job Losses (3/2020 - 11/2020)||(19,700) positions|
|Air Passenger Arrivals (YTD Nov 2019 vs YTD Nov 2020)||(74.3%)|