In the past four years, Oahu's office market experienced a net loss of over 300,000 square feet of tenancy. However, this was offset by approximately 800,000 square feet of office conversions.
Historically, vacancy rates in Oahu have oscillated between 10% and 13%, but recent trends suggest a new stabilization within the 13% to 14% range.
Commercial property insurance rates in Hawaii are expected to increase by double digits for renewals through the end of the year, driven by insurers' withdrawal from the market.
Alera Group's 2024 Property and Casualty Market Outlook predicts average premium price increases of 10% to 15%, with rates exceeding 25% to 30% for properties in riskier categories until the market stabilizes.
#oahu-office-market #vacancy-rates #commercial-property-insurance #premium-increases #market-stability
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