Posted on: Thursday, March 3, 2005
BUSINESS BRIEFS
No new office buildings likely
Advertiser Staff
Don't expect any new office buildings built in Ho-nolulu in the foreseeable future, according to an analysis by commercial real estate firm CB Richard Ellis Hawaii Inc.
The company said office rents would have to double from the $2.30-per-square-foot average gross asking rate to justify roughly estimated office construction costs of $400 a square foot.
CBRE projects no new office construction in the next five years. Office space vacancy, meanwhile, should decline from 10.8 percent at the end of last year while asking rents increase 10 to 20 percent over the next year or two, the firm said.
Aloha United Way, Coldwell Banker Pacific Properties and Pacific Shipyards International (NISMO Division) are scheduled to receive Noelo Po'okela awards at a luncheon today at the Hawai'i Prince Hotel.
The awards are part of the Hawai'i State Award of Excellence program. The Hawai'i program is one of 40 state and local award programs based on the Malcolm Baldrige National Quality Award, established by Congress in 1987 to recognize U.S. organizations for achievements in quality and performance.
Ronald Baird has been appointed chief executive of the Natural Energy Laboratory of Hawaii. He will take over management of the agency in mid-April.
Baird's career includes more than 20 years in investment banking, specializing in emerging technologies and energy companies.
"I look forward to strengthening and expanding the role of NELHA in developing and nurturing new technologies, particularly in today's important areas of alternative energy sources and aquaculture applications," Baird said.
Air Cargo World magazine has named Aloha Airlines the No. 1 air cargo carrier in North America, based on the magazine's first Air Cargo Excellence Survey.
Aloha carried about 115 million freight pounds in 2004 and is Hawai'i's largest air cargo carrier.
Noelo Po'okela winners named
National energy lab names chief
Magazine rates Aloha Air No. 1
