Honolulu retailers looking for space are finding it hard to get storefronts. Most available spaces are not in new buildings, and older spaces are disappearing due to demolitions and conversions. Retail availability in many neighborhoods is now very low.
CoStar Analysis Finds Pockets Near Zero
According to CoStar, roughly half of the metro area’s 12 retail submarkets are reporting availability rates below 3%. Less than 1% of the space currently on the leasing market was built in the past five years. Since 2015, Honolulu has lost about 240,000 square feet of retail space due to demolitions and conversions. These trends make it unlikely that retail vacancies will increase soon.
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