Hawaii Retail MarketView Q4 2016
- Hawaii’s retail market showed a great deal of activity in Q4 2016, which included the opening of Ka Makana Alii, Hawaii’s regional mall in West Oahu.
- This added nearly 1.5 million sq. ft. to the market, elevating the net absorption total for the quarter to 1.4 million sq. ft. Without this addition, the retail market would have experienced 131,642 sq. ft. of negative net absorption.
- The overall vacancy rate for Q4 2016 was 4.3%, a 10 basis point (bps) increase quarter-over-quarter.
- The average asking lease rate rose to $5.73 per sq. ft. per month.