Honolulu Office Figures 2026 Q2

Market Overview 

The Honolulu office market saw its second consecutive quarter of improvement with nearly 42,000 sq. ft. of positive net absorption. On a quarter-over-quarter basis, net absorption increased by 32,000 sq. ft. On a year-over-year basis, year-to-date net absorption through the latest quarter improved by 137,000 sq. ft. Vacancy in Q2 was 11.2%, representing a 30 basis points decline from Q1. On a year-over-year basis, vacancy declined by 40 basis points. Availability in Q2 was 12.9%. The average asking rate declined 3.1% to $3.48 per sq. ft. On a year-over-year basis, the average asking rate increased by 8.8%. Throughout the period, no space was under construction and no new deliveries were recorded.