Oahu Industrial Market Report Q1 2019

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After two years of lost occupancy, Oahu’s industrial market started the year with a healthy turnaround. Fears from recent years that the industrial market was trending downward were allayed when 44,404 square feet of positive net absorption was recorded for the first quarter 2019. Vacancy rates, which had escalated above 2.0% at year-end 2018, declined to 1.92% at the end of March 2019.
Challenges remain for tenants seeking expansion or relocation space. For the past five years, the total number of available warehouse listings has remained under 200. Occupied by the vast majority of Oahu’s small industrial business, the space constriction is most severe in listings under 4,000 square feet in size. At the height of the Great Recession, there were 338 available listings sized below 4,000 square feet, and by the end of 1Q2019, there were only 95 listings left on the market, for a 72% drop.


Oahu Industrial Market Report Q1 2019

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