In a study provided by a local commercial real estate firm, Oahu’s commercial real estate sector will continue to face a tough year. Colliers Monroe, one of the largest commercial real estate property managers on the island, predicted that office vacancies will continue to grow throughout 2011. Currently 11.8 percent of office spaces are vacant on Oahu.
Waikiki has the highest office space vacancy rate with almost 19.5 percent empty. Downtown Honolulu comes in second with 12.3 percent.
As a point of comparison, the lowest rate occured in 2006 and was approximately 7 percent vacancy. The highest recorded point was in 2002 at 13.6 percent vacancy.