Posted on: Friday, October 17, 2003

BUSINESS BRIEFS
Parks to get $1 million for projects

Advertiser Staff

The Hawai'i Tourism Authority is allocating $1 million to the state Department of Land and Natural Resources for park and trail improvements around Hawai'i as mandated by state law.

The $1 million will be used for several projects, including a network of open space, woodlands, wildlife habitats, parks and other natural areas on the Big Island, restoration of the "Old Volcano Trail" on the Big Island and the rejuvenation of Kaua'i's Wailua River State Park and Fern Grotto.

Survey: Retail vacancy at 6.9%

A biannual survey of 200 Hawai'i shopping centers showed that retailers have filled 75,000 square feet of space, dropping the vacancy rate from 7.3 percent in the first quarter to 6.9 percent through September.

The survey by CB Richard Ellis Hawaii Inc. said that mall rents, which range from 50 cents to $15 per square foot, decreased by 6 percent during the six-month period.

CB Richard Ellis predicts that more than 112,000 square feet of an empty 1.6 million square feet will be leased over the next year.