Oahu retail vacancy lower - Hawaii News Now - KGMB and KHNL

Oahu retail vacancy lower

HONOLULU (HawaiiNewsNow) – In a sign of economic recovery, more Oahu retail space is filling up with stores.

The first half of this year is seeing 154,308 square feet in additional retail occupancy, Colliers Hawaii reports, led by Whole Foods, T.J. Maxx, and tenants filling space vacated by the closure of Borders.

Oahu retail vacancy is roughly 4.3 percent – and was briefly even lower early in the first half. Colliers reports asking rents have now been falling for three years and are now comparable to the rents achieved in 2007.

"Although there appears to be more optimism among retailers," Colliers said in a report to clients, "the overall economic environment still reflects an uncertain future."

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