"Oahu's office market is showing signs of life while continuing to outperform the national office market," Associate Vice President Alexander Peach said in the report.
"This decline marks a positive shift for an office market that faced significant challenges in the wake of Covid-19," Colliers wrote in the report.
"As the market stabilizes, these fluctuations are expected to moderate. With tenants reassessing workforce needs, the effects of hybrid work models will become clearer, ultimately guiding the market toward a new equilibrium."
"Meanwhile, higher interest rates and tougher loan underwriting standards also have affected landlords that need to refinance, leading to several high-profile foreclosures and distressed sales," the report further stated.
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