Honolulu Office Figures Q1 2026

In Q1 2026, market indicators showed continued improvement from the patterns seen in late 2024 and 2025. Net absorption measured negative 1,679 sq. ft., a notable recovery compared with negative 39,956 sq. ft. in Q4 2025 and negative 131,405 sq. ft. in Q3 2024.

Vacancy declined to 11.5%, down 0.3 percentage points from Q4 2025 and 1.0 percentage point below the 12.5% recorded in Q3 2024. Availability followed a similar trajectory, falling to 12.9% from 13.2% in Q4 2025 and 14.2% in Q3 2024. Average asking rents were $3.59 per sq. ft., down slightly from $3.61 per sq. ft. in Q4 2025.

On a year-over-year basis, vacancy was 0.4 percentage points above the 11.1% reported in Q1 2025, and availability was 0.2 percentage points higher than the 12.7% level recorded a year earlier. Average asking rents rose 4.7% year-over-year, increasing from $3.43 to $3.59 per sq. ft. With no new construction deliveries or inventory under development during the period, the total building stock remained unchanged.