Vacancy Rises as COVID-19 Begins to Impact Office Sector
As we enter the seventh month of the COVID-19 pandemic, Oahu’s economy remains challenged. Shuttered businesses, rising unemployment, and empty storefronts substantiate COVID-19’s devastating impact on the business environment. Oahu’s unemployment rate, which set new record highs in April and May, remained elevated through July with a rate of 11.1%, the fourth highest in the country. At no other time in recorded history has Oahu’s unemployment exceeded 7%.
Summary Statistics
Office Market
| YTD Net Absorption: | (144,255 SF) |
| Vacancy Rate: | 11.56% |
| Full Service Gross Avg. Asking Rent: | Island wide: $3.20 PSF/Mo |
| Office Jobs (YTD July 2020) | (7,200) |
