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Hawaii Office Figures Q3 2023

October 17, 2023 5 Minute Read

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Kapiolani influx continues while activity in other submarkets slows

‒Kapiolani, Waikiki, and East Oahu were the only submarkets to experience positive net absorption in Q3.

Availability rates increase while potential conversions reduce vacancy

‒The availability rate increased slightly; however, the removal of vacant space from the market due to potential building conversions caused the overall vacancy rate to decline.

Asking rents continue to climb

‒The average gross asking rent increased to $3.19 across Oahu, the highest mark since the reopening of the economy.