Mike Hamasu and Jeff Shinagawa (S) quoted in the Star Bulletin:
The vacancy rate in office space on Oahu has increased to 8.6 percent and is expected to continue softening as unemployment and the economy worsen, according to a year-end report from commercial real estate firm Colliers Monroe Friedlander.
The office vacancy rate, which hit a decade low of 6.5 percent in mid-2007, has risen as firms related to real estate, construction, tourism and retailing downsized or closed their offices, said Mike Hamasu, Colliers’ consulting and research director.
As vacancy rates continue to creep up and tenants continue looking for their best economic situation, many owners will be forced to reduce their asking base rents, Jeff Shinagawa, vice president of Colliers’ Property Management Division, said in the report.
“This will result in lower returns and expectations for asset performance,” Shinagawa said.
http://www.starbulletin.com/business/20090109_Oahu_office_vacancy_rate_increases_to_86.html