January started off strong with 19 deals totaling over $84,000,000. With the election and Holidays behind us, 2017 is anticipated to extend 3-years of market-high volumes with modest decline in total dollars exchanged.
Our team is very interested in the co-working space trend that is popping up all over the islands. MyGoCenter has just opened a space in Kapolei and they are looking forward to many more locations on Oahu. Their second location is supposed to open before the end of the year.
On Tuesday, Mandarin Oriental and Salem Partners, a Los Angeles based investment firm, announced their return and debut respectively with a “36-story mixed-use tower across from the Hawaii Convention Center in Honolulu”.
Oahu’s retail marketplace received a 502,178 square foot boost in net absorption in 2016 as Ala Moana Center, International Market Place and Ka Makana Alii developments added nearly 1.4 million square feet of additional inventory.
Vacancy rates rose to 12.66% from 12.38% over the past quarter, as 61,190 square feet of lost occupancy was generated in the fourth quarter, bringing the total year net absorption to 42,103 square feet.