HONOLULU, HAWAII — The CB Richard Ellis (CBRE) Hawaii MarketView reports give important details, trends and developments in retail, office and industrial sectors in the first quarter of 2011:
Retail Highlights – “Retail Investment market was quiet”
- Discount and value centers is only “notable growth”
- Vacancy rate remains 4.7%
Office Highlights – “Lease Rates decline to $2.86 per SF”
- Absorption was flat
- Growing pool of REIT and private fund capital
Industrial Highlights – “Occupied space increases modest 13,000 SF”
- Vacancy rate declines slightly to 5.2%
- Landlords focus on tenant retention
CBRE is the largest commercial real estate services firm in Hawaii. Retail MarketView data is complied from a set of 75 retail properties, in five categories including Community Centers, Regional Malls, Resort Centers, Strip Centers and Value Centers across the State, and are used historically by CB Richard Ellis in Hawaii to reflect general market conditions.
Office MarketView data is complied from a set of 100 office buildings concentrated within the Central Business District (CBD) Downtown and Suburban Business Districts used historically by CB Richard Ellis in Hawaii to reflect general market conditions.
Industrial MarketView data is complied from a set of 2,390 parcels with industrial buildings and 4,033 vacant land parcels across the State used historically by CB Richard Ellis in Hawaii to reflect general market conditions.
– Report by CB Richard Ellis –