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Oahu Retail Summary Market Report Q4 2022

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Retail Sector Resiliency

Retailers faced an inordinate number of challenges as they entered the third year impacted by the COVID-19 pandemic. Hurdle after hurdle emerged to disrupt and alter consumer buying habits, as retailers steadfastly worked through a storm of adversities to appear battered, beaten, but still defiant. Nevertheless, in 2022, Oahu’s retail market posted a solid 268,815 square feet of year-end positive occupancy as vacancy rates fell below pre-pandemic levels to end Q4 2022 at a 5.54% vacancy rate.  


Key Takeaways

  • Year-end 2022 occupancy gain of 268,815 square feet brought vacancy below pre-pandemic levels

  • Oahu average asking base rent increased to a record high of $4.43 psf/mo

  • Oahu consumer retail spending bolstered by rising tourism expenditures

  • Inflation and recessionary concerns paint an uncertain outlook for 2023

Charts and Statistics for Q4 2022 Oahu Retail Market Report

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Oahu Retail Summary Market Report Q4 2022

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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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