Job Losses Mount as Office Market Softens
At the end of 2019, the island’s vacancy rate fell below 10% for the first time in over a decade and landlords were beginning to enjoy the change in market dynamics. Seemingly overnight, the COVID-19 pandemic forced businesses throughout the State of Hawaii to adhere to government Shelter-In-Place directives and adopt stringent social distancing and sanitation requirements.
Summary Statistics
Office Market
| YTD Net Absorption: | (92,259) SF |
| Vacancy Rate: | 10.72% |
| Full Service Gross Avg. Asking Rent: | Island wide: $3.18 PSF/Mo |
| Office Jobs (YTD April 2020) | (8,200) |
