Media Mixed Message On Honolulu Commercial RE

August 3rd, 2010 categories: The Market

Pacific Business New online had two recent articles concerning the Honolulu commercial real estate market and they seemed to contradict each other.

“Oahu’s commercial real estate market is showing signs of recovery, but it could take at least another year before it is back on firm footing.” CLICK HERE TO READ THE ENTIRE ARTICLE

“Hawaii Commercial Real Estate said the outlook isn’t good, as large tenants plan to consolidate or move to lower-cost facilities in the next two quarters. They include Morgan Staley Smith Barney, which will vacate 20,000 square feet at Alii Place to consolidate operations at Pacific Guardian Center; Kiewit, which will move from Harbor Court to Iwilei; and KPMG, which will downsize its office by 6,000 square feet, the report said.” CLICK HERE TO READ THE ENTIRE ARTICLE

Based on my conversations with local commercial brokers, it seems sales are slow and vacancies are up. What does commercial real estate have to do with my focus, Honolulu residential real estate? I believe it is key economic indicator. High vacancy rates are reflective of a sluggish economy, as these rates get lower they will be evidence of market confidence and growth. Confidence in the commercial sector should drive residential real estate values to higher levels. Think about it.

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If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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