Honolulu office market remains stable

Source:  Pacific Business News

It is fortunate that Hawaii has so far escaped the mainland woes over commercial real estate.  The change from 2007 is rather moderate.  Furthermore we even saw a slight increase in the average asking rents to $3 per square foot.

There was 17,018 square feet of negative absorption and the vacancy rate for the market stood at a relatively flat 8.8 percent at the end of the year, according to the fourth-quarter office report by CB Richard Ellis.

Gross average asking rents increased by 13 cents to $3 per square foot per month, while operating expenses, or common area maintenance fees, rose an average of 15 cents to $1.29, the report said.