Year-end Retail Market Remains Steadfast
Contrary to the barrage of poor economic news, Honolulu’s retail market appeared relatively unscathed through year-end. In fact, most markets would envy the perofrmance that we’ve had with solid positive absorption, low vacancy rates and rising rents.
The Honolulu retail market posted more than 500,000 square feet of positive absorption in 2008. This figure was driven primarily by new developments delivered over the course of the past year. The new Nordstrom wing at Ala Moana, Pearlridge Uptown II and the Avenue Shops at Safeway added more than 450,000 square feet of new inventory. Click here to read the full briefing.