Posted at 3:37 p.m., Monday, January 28, 2008
Honolulu market for warehouse space slowed
Advertiser Staff
The market for warehouse space slowed in Honolulu during the fourth quarter compared to the same period a year earlier, according to a report from Colliers International, a real estate services firm.The company said 116,000 square feet of industrial space was absorbed during the October to December period.
That was about half of the 330,000 square feet a year earlier. Nationally the amount absorbed measured 26.5 million square feet, or about half of the 55.7 million absorbed a year earlier.
Colliers said 2008 might be a comparatively subdued year for the industrial space market nationally because of concerns about the economy.
"Even though the export sector continues to fire on all cylinders, the strength of the domestic economy has been shaken," said Ross Moore, Colliers International senior vice president, in a news statement.
"As a result, businesses are reluctant to sign leases."
Colliers said the situation may persist nationally through mid year but that "Colliers remains confident that the underlying economy is strong and will thus respond favorably to recent actions by the Fed and other policymakers."
