Huge Demand for Hawaii Business Property
Hawaii's soaring commercial property market generated sales of $3.55 billion in 2004, up 67 percent over the $2.13 billion tallied in 2003. This decade-high figure resulted from a multitude of sales involving hotels, shopping centers, office buildings and other property.
Mainland investors accounted for 80 percent of the transactions, according to the Honolulu real estate brokerage Colliers Monroe Friedlander. Low interest rates, Hawaii's strong economy and a shortage of investment options elsewhere were key factors influencing the high activity levels. Mike Hamasu, Colliers research and consulting director, said:
"Mainland investors are demonstrating a growing appetite for Hawaii commercial real estate and they continue to scour the state for likely investment targets."
In a similar light, Hawaii Business Online reports that 2005 should be a very good year for Oahu's office landlords. Here, the current year projects the conversion from a tenants' market to a landlord's market.
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