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The Honolulu Advertiser
Posted on: Friday, May 4, 2007

Office vacancy rate rises to 8.6% on O'ahu

Advertiser Staff

CB Richard Ellis reported that 100,208 square feet of vacant O'ahu office space was added to the market during the first three months of the year, raising the vacancy rate by 0.3 percent to 8.6 percent.

The report, which includes space available for sublease, shows dramatically higher vacancy than a survey released earlier this month by another commercial real estate firm, Colliers Monroe Friedlander, which said 4,148 square feet of vacant office space was added to the market in the quarter to make the vacancy rate 7.17 percent.

CB Richard Ellis and Colliers both said they believe the vacancy rise is seasonal.

CB Richard Ellis said O'ahu's office market has averaged 11,090 square feet of additional vacant space during the first quarter over the last 10 years. Still, the market's vacant space has grown by 26,707 square feet over the past 12 months.

"I see this as transitional," said Jeffrey Hall, local research director for CB Richard Ellis.

Hall said many buildings wait until after the start of the year to publicize new available space.