Rents Rise to Record High $4.00 PSF/Mo
After posting a loss of nearly 125,000 square feet of tenancy in the first quarter of 2017 due to the closure of Kmart and Sports Authority, the Oahu retail market rebounded generating more than 240,000 square feet of occupancy during the second quarter. Recent store openings by Mitsuwa Market and The Street by Michael Mina at International Market Place Sephora and Applebee’s at Ka Makana Alii regional mall, and Saks Off Fifth at Ala Moana Center, generated the majority of new occupancy growth. Year-to-date net absorption climbed to 122,299 square feet as the island-wide retail vacancy rate declined to 7.73% after spiking last quarter to 9.17%.
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