HONOLULU (HawaiiNewsNow) - Year-end reports from Colliers Monroe Friedlander and CB Richard Ellis Hawaii show falling rents for the first time in seven years.
Colliers says the Honolulu office vacancy rate was ten-and-a-third percent, the third year it's gone up. CB says lower rents spread from downtown to suburbs.
More than four thousand of the jobs that went away over the past year were in industries that are principal office users - financial, real estate, IT, and other white collar professions. Office employment is roughly back to 2003 levels. Building operating expenses could rise at least four percent this year.
Colliers bases that prediction on two others that competition for business will cut janitorial costs but this will be offset by higher electric bills and, perhaps, a higher property tax rate.
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