Hawaii Industrial Figures Q4 2022

Net absorption remains low this quarter with limited actual availability

• Hawaii’s industrial sector posted 151,443 SF of net absorption YTD 2022. In comparison, net absorption was at (268,802) SF in 2020, 464,561 SF in 2021, and only 77,868 SF in 2019.

Area near Airport sees majority of the activity

• The highest performing submarket was in the airport area, squeezing out another 21,920 SF at a 2.2% availability rate.

Asking lease rates remained the same

• Average net asking lease rates remain at $1.31/SF in Q4 2022. Average operating expenses decreased slightly from $0.43/SF to $0.45/SF.