Office Market Posts Second Consecutive Year of Growth
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. While this is the second consecutive year of positive occupancy gains for Oahu’s office market, vacancy rates have zigzagged over the past five quarters and have not set a definitive direction for the market. It has been seven years since the end of the Great Recession and while many other commercial real estate sectors have boomed, the office market still remains mired in mediocrity.
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