Posted at 11:59 a.m., Monday, December 18, 2006
Record commercial rents seen for Honolulu in 2007
Advertiser Staff
Honolulu is one of several commercial U.S. real estate markets where landords are expected to achieve record rents in 2007, Colliers International predicted in its annual real estate forecast."To an extent, we will see a two-tier market in which prime strips and high end centers will enjoy strong sales and healthy occupancies while more average properties will experience only modest growth. Tourism fueled retail markets such as; Midtown Manhattan, San Francisco, Los Angeles, Chicago, Las Vegas and Honolulu are expected to flourish with record rental rates achieved," the real estate company said in a news release.
One of the key trends Colliers sees moving to the forefront in 2007 is the adoption of "green" and "sustainable" practices throughout the real estate industry. The other key trend will be more and more developers gravitating toward mixed-use development, blending office, retail, residential and hotel formats. Infill development and conversions will eclipse greenfield development and adaptive reuse will surge, according to the report.
