– Average asking rents declined by $.04 to $1.01 a square foot
– Landlords and tenants are focused on length of lease issue
– Industrial vacancy rate rises slightly to 4.7% statewide.
– Industrial property transaction activity was highest in Kalihi and on Maui
The complete CBRE Industrial MarketView Honolulu 3rd Quarter report accompanies this release. CBRE is the largest commercial real estate services firm in Hawaii.
MarketView data is complied from a set of 2,390 parcels with industrial buildings and 4,033 vacant land parcels across the State used historically by CB Richard Ellis in Hawaii to reflect general market conditions.
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue).
The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com
Joseph Haas is the Senior Managing Director for CB Richard Ellis