Honolulu Office Figures Q3 2026

Honolulu’s office market extended its recovery in Q3 2026 with a third consecutive quarter of positive net absorption. Net absorption in Q3 2026 alone totaled approximately 50,000 sq. ft., up from 42,000 sq. ft. in Q2 2026, bringing year-to-date absorption to approximately 102,000 sq. ft. The result marked a sharp turnaround from the roughly 39,000-sq.-ft. occupancy loss recorded in Q4 2025. Overall vacancy declined 30 basis points (bps) quarter-over-quarter to 10.9%. Vacancy has fallen in every quarter of 2026, down 90 bps from 11.8% in Q4 2025 and 70 bps below the 11.6% recorded one year earlier. The trend marks a clear shift from the prolonged softness that defined the market over the last few quarters.

Tenant demand drove the improvement, but supply-side dynamics also played a critical role in overall market performance. No new product has delivered, and no space has been under construction during the recorded period. As such, availability has held between 10% and 13% over the past three years. With steady demand and no new supply in the pipeline, Honolulu is positioned for continued, gradual tightening into 2027.