Honolulu Industrial MarketView Q4 2021

Net Absorption Remains Positive for Industrial

‒Net absorption for Q4 wrapped up at  79,739 sq. ft., and at 464,561 sq. ft. for 2021. Oahu contributed the most to this figure at 405,470 sq. ft. for 2021. Both Oahu and Maui commanded higher than state average rents at $1.72 and $1.76 per sq ft.

 

Demand Outpacing Supply

‒Demand for Industrial space across the U.S. outpaced supply, driving availability in the sector to a record low of 6.0%. U.S. wages for construction workers are expected to increase 3.4% per year over the next 5 years - CBRE Economic Advisors (CBRE EA) Forecast on Industrial

 

Ecommerce Forecasts Predict Growth to Continue

‒ Supply Chain Logistics CAGR for ecommerce retail sales projected to increase by 7.7% for 2021-31 - CBRE Economic Advisors (CBRE EA) Forecast on Industrial