A couple of highlights, courtesy of William Froelich, Vice President | Hawaii Industrial Division Manager, Colliers International:
- Island wide vacancy rate is 3.15%, with projected vacancy under 3% by year end. (We have not seen this since 2007)
- Central Business district vacancy rate less then 2%.
- Average rental rate averages over $1.00 psf triple Net.
- Spec building is not supportable by the standard investor until rental rates rise another 30%.
- With no relief in site, we predict that will happen by more than 10% per year.
- Pressure on our industrial market as a result of general economic improvement, rail, housing boom in kakaako, tourism, and military spending will create raw land demand where there are availabilities. (out west)