Hawaii Office Figures Q4 2023

January 26, 2024 5 Minute Read

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Suburban influx continues while Downtown activity slows

Downtown was the only submarket to experience negative net absorption in Q4, much of which, was accounted for in a few buildings.

Vacancy increased slightly; however, fundamentals remain healthy

The vacancy rate increased slightly across; however, the reduction of inventory for potential conversion from Office use to other has kept the vacancy rate low relative to other metros.

Asking rents continue to climb

The average gross asking rent increased to $3.22 across Oahu, the highest mark since the reopening of the economy.