Hawaii Industrial Figures 2026 Q2

Market Overview 

The market ended the latest quarter with net absorption at negative 134,000 sq. ft. This represented a quarter-over-quarter decline of 128,000 sq. ft.. On a year-over-year basis, net absorption swung by 255,000 sq. ft. from positive to negative territory. The vacancy rate currently sits at 2.4%, representing a 40-bps quarter-over-quarter increase. It increased by 60 bps year-over-year. Availability reached 2.7%, consistent with this gradual loosening. Average asking rents in the latest quarter were $1.93 per sq. ft. per month, a 1.6% quarter-over-quarter increase.

Construction activity, which had previously been absent, reached 263,000 sq. ft. under way by the latest quarter. Total deliveries over the series amounted to 159,000 sq. ft., adding new inventory to the market. The current pipeline comprised three projects..