Oahu's industrial vacancy rate dropped below 1% in Q4
Net absorption in the fourth quarter totaled 239,502 square feet and the number of available industrial listings dropped to just 57.
Oahu's industrial vacancy rates hit unprecedented lows in the last quarter of 2022, dropping to a 'minuscule' 0.81%, the lowest in recorded history, according to a fourth-quarter market report from Colliers International Hawaii. By year-end, Oahu's industrial market saw a positive net absorption of 324,007 square feet. Halawa to Iwilei, land values range from $90 to $200 per square foot,' the report continues. 'At these prices, even with rents nearing $1.50 per square foot per month, justifying a new industrial development would be difficult.' 'Hopefully, if the economy falters, the downturn will be mild and a slowdown in economic activity will be short lived.'