Colliers Q2 2024 Industrial Market Report. 

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WEB VERSION

Industrial Market Bolstered by Construction Activity

Key Takeaways

• Oahu’s industrial market posted a loss of 122,704 square feet of occupancy in Q2 2024, with the vacancy rate increasing to 1.05%
• Despite a slowdown in wholesale sales, contracting sales and building permit volume soared
• Inflation continued to drive up warehouse operating expenses, which rose by 12.24% over the past six months
• Speculative development is expected to introduce more than 600,000 square feet of new inventory by Q4 2025

At the end of Q2 2024, Oahu’s industrial market reported a loss of 122,704 square feet (“sf”) of occupancy as the vacancy rate rose to its highest level in seven quarters, reaching 1.05%. This period marks the third consecutive quarter of negative net absorption, with vacancy rates having risen from a record low of 0.64% in Q3 2023. Despite signs of a slight softening in the market, Oahu continues to rank among the nation’s tightest industrial markets.

Over the past six months, the number of available industrial spaces increased by 65%, growing from 40 at the end of 2023 to 66 listings at the end of Q2 2024. This increase was welcomed by prospective tenants who had previously postponed their expansion and relocation plans due to a shortage of available spaces.

Click below to view the summary version of the report and contact your favored agent for a copy of the full report.

https://tinyurl.com/ynnm6anz