Hawaii Retail Figures Q1 2023

Vacancy rate drops slightly for the first quarter of the year

• Hawaii’s retail vacancy rate drops slightly from 6.3% for Q4 2022 to 6.2% for Q1 2023

Net absorption decreases compared to prior quarter while availability decreases across the board

• Statewide net absorption decreased from 40,984 SF in Q4 2022 to 17,354 SF of net absorption in Q1 2023. Year over year comparison by centers indicates drops of availability across the board

Average asking lease rents remain the same while CAM decreases slightly

• The weighted average asking lease rents across Hawaii remain the same at $4.71 NNN for Q1 2023 compared to prior quarter. The average CAM also decreased from $1.24 to $1.20/SF.