Hawaii’s Commercial Real Estate Market saw improvements over 2009 in both the leasing and sales areas in 2010 as Pacific Business News reported today.
Industrial space will lead the recovery due to increased federal construction work as well as the work that might start for the long awaited rail project. Office space is a bit static, but is expected to also improve along with retail as we move into 2011.
Because of the loosening up of capital, more mainland buyers are turning their attention to Hawaii looking for value deals. Because of two sales (Pearlridge Center and Bishop Square) totaling $475,000,000, the total commercial sales volume for 2010 was almost double the $627,000,000 recorded in 2009.
The only area that will not see as much growth might be in raw land sales to developers, but continue to be owner users purchasing and building for their own needs. This might be a good time for a patient investor to find that “deal” in Hawaii before we see another upwards price movement due to our supply and demand situation here.
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