The year closed with retail fundamentals down for the fourth straight quarter in Hawaii, as vacancy increased and net absorption was negative.

Despite the available supply increasing in 2020, asking lease rates have remained mostly stable. The average net asking lease rate fell $0.01 quarter over quarter to $4.78 in Q4.

After a major setback in Q3, net absorption was again negative at (22,556) sq. ft., but Q4 was the lowest negative net absorption in 2020.