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Oahu Retail Summary Market Report Q4 2020

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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.

Summary Statistics

4Q2020 Retail Market

 YTD Net Absorption:  (107,586) SF
 Vacancy Rate:  6.41% 
 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%)

Hawaii Retail Market Report

Oahu Retail Summary Market Report Q4 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.

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 Value 
• Highest and Best Use Studies
• Real Estate Portfolio Analysis
• Strategic Positioning Study
• Market Rent and Vacancy Forecasts

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