Retail vacancy rate 5.9%
CBRE Hawaii: Retail vacancy rate 5.9%
An improving market resulted in a retail vacancy rate of 5.9 percent, according to CB Richard Ellis Hawaii's retail market index brief for fourth quarter 2003.
Vacancy rates have declined in most markets with an overall drop of 1.3 percent from 7.2 percent at the beginning of 2003.
"The Hawaii real estate market is outpacing the national market," said Jeffrey Hall, director of research. "Nearly 1.2 million square feet of shopping center space has changed hands and experienced significant absorption in 2003, due to the enhanced vision of new ownership."
Retail absorption climbed to more than 180,000 square feet in CBRE Hawaii's 2003 survey. Most of it occurred on Oahu, although the largest proportional gains were on Kauai in the resort center category.
An improving market resulted in a retail vacancy rate of 5.9 percent, according to CB Richard Ellis Hawaii's retail market index brief for fourth quarter 2003.
Vacancy rates have declined in most markets with an overall drop of 1.3 percent from 7.2 percent at the beginning of 2003.
"The Hawaii real estate market is outpacing the national market," said Jeffrey Hall, director of research. "Nearly 1.2 million square feet of shopping center space has changed hands and experienced significant absorption in 2003, due to the enhanced vision of new ownership."
Retail absorption climbed to more than 180,000 square feet in CBRE Hawaii's 2003 survey. Most of it occurred on Oahu, although the largest proportional gains were on Kauai in the resort center category.
posted by DP at 6:01 PM
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