Oahu Office Market Report Q1 2019

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After three consecutive years of negative net absorption, the Oahu office market posted a positive gain of 3,349 square feet of occupancy for the first quarter of 2019. While the absorption gains appear minimal, the market’s vacancy rates took a sizeable drop from 12.79% to 11.86% during the quarter. Though seemingly insignificant, this first quarter gain in absorption could mark the beginning of a transition from a tenant market to a landlord market.

Oahu’s economy continues to generate new jobs. During the past year, 9,800 new positions were created among the island’s businesses. Since the end of 2013, more than 34,000 new hires were added to payrolls contributing to the decline to Oahu’s unemployment rate which fell to a record low 1.7% for December 2017. Subsequently, Oahu’s unemployment rate ticked up to 2.2% for December 2018, its first increase since 2011.


Oahu Office Market Report Q1 2019

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