HONOLULU (HawaiiNewsNow) – The industrial real estate market in Honolulu has begun to improve, another sign of economic rebounding.
Colliers Hawaii reports the first quarter saw 19,925 square feet of positive net absorption, and vacancy rates declined slightly, to 4.72 percent.
Average asking rents rose for the first time in five years. Submarkets that posted the greatest gains were Kailua, Waipahu/Milltown, and Airport/Mapunapuna, Colliers said in its quarterly report.
There are more than 65,000 industrial jobs on Oahu, down from a peak from 77,000 in 2006, and roughly commensurate with 2003.