Sunday, November 08, 2009
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Honolulu's industrial vacancy rate hovering at 4%
POSTED: 01:30 a.m. HST, Oct 10, 2008
Honolulu's industrial vacancy rate remained close to 4 percent for the second consecutive quarter despite a massive slowdown in the state's major economic sectors, according to a third quarter report by Colliers Monroe Friedlander Inc.
Hawaii's primary industries, including tourism, real estate, construction and retail, have taken severe hits from the economic downturn, though the industrial sector only recorded a 10,000-square-foot loss in occupancy during the quarter.
Honolulu's industrial parks saw varied performance. Gentry Industrial Park's vacancy jumped to 11.8 percent from 0.7 percent in the past nine months since the opening of the Waipio Business Center industrial condominium.
Meanwhile, the Airport/Mapunapuna and Bougainville/Halawa areas loss nearly 200,000 square feet of occupancy as several large blocks of space became available. The former Kilgo's sites in the Kalihi/Sand island market were filled in the quarter, increasing the area's occupancy by 103,063 square feet.
The islandwide net industrial asking rent rose to $1.28 from $1.26 a square foot per month in the year-earlier period.
Slowing job growth in the construction trades and a drop in retail and wholesale business is expected to soften industrial warehouse demand in the long term.
"For the near term, the industrial marketplace looks to remain resilient in light of the poor economic news," the report said.
Honolulu's industrial vacancy rate remained close to 4 percent for the second consecutive quarter despite a massive slowdown in the state's major economic sectors, according to a third quarter report by Colliers Monroe Friedlander Inc.
Hawaii's primary industries, including tourism, real estate, construction and retail, have taken severe hits from the economic downturn, though the industrial sector only recorded a 10,000-square-foot loss in occupancy during the quarter.
Honolulu's industrial parks saw varied performance. Gentry Industrial Park's vacancy jumped to 11.8 percent from 0.7 percent in the past nine months since the opening of the Waipio Business Center industrial condominium.
Meanwhile, the Airport/Mapunapuna and Bougainville/Halawa areas loss nearly 200,000 square feet of occupancy as several large blocks of space became available. The former Kilgo's sites in the Kalihi/Sand island market were filled in the quarter, increasing the area's occupancy by 103,063 square feet.
The islandwide net industrial asking rent rose to $1.28 from $1.26 a square foot per month in the year-earlier period.
Slowing job growth in the construction trades and a drop in retail and wholesale business is expected to soften industrial warehouse demand in the long term.
"For the near term, the industrial marketplace looks to remain resilient in light of the poor economic news," the report said.
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