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Oahu Retail Summary Market Report Q4 2021

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COVID-19 Variants Dampens Oahu Retail Market Outlook

As a hopeful sign that Oahu’s retail market is beginning to stabilize, more than 28,500 square feet of occupancy gains occurred in Q4 2021. Vacancy rates, which hit a five-year high of 7.25% during Q3 2021, drifted downward to 7.08% during the past quarter.  This welcome change follows the loss of more than 152,000 square feet of store closures reported during the first three quarters of the year.


Unfortunately, Oahu’s economy mirrored the ebb and flow of COVID-19 infection and hospitalization rates during 2020-2021. Business optimism surged when infection rates dropped to low double digits during Q2 2021, then fell when the Delta variant emerged in August 2021. Hospitalizations rose to record highs, resulting in a dramatic slowdown in visitor arrivals during September and October as Governor Ige advised tourists not to come to Hawaii.


Key Takeaways

  • Positive Q4 2021 net absorption of 28,510 square feet

  • Vacancy declined to 7.08% from 7.25% during the past quarter

  • Both on-line and in-person retail sales benefited from a positive holiday shopping sales boost

  • Retail market recovery dampened by Omicron’s uncertainty

Retail Stats Q42021


Oahu Retail Summary Market Report Q4 2021

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Related Experts

Mike Hamasu

Research & Consulting Director

Hawaii - Honolulu

Michael brings to Colliers 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 Market Pricing
• Highest and Best Use Studies
• Real Estate Portfolio Analysis
• Strategic Positioning Study
• Market Rent and Vacancy Forecasts

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