Unlocking Prime Locations: A Comprehensive Guide to Commercial Real Estate in Honolulu Hawaii
commercial real estate honolulu hawaii
201 Merchant St #2228
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Table of Contents
Quick Facts
- Name: Kanapaokine Commercial Development
- Developed by: KBR (Koch North American)
- Completed: 2017
- 11-megawatt power plant
- 150.6 million gallons of sweetwater per day
-
Total commercial and industrial space: 82 million square feet
- Office space: Over 540,000 square feet
- Completed several high-rise buildings: Ala Moana Center, Ko Olina Center
Honolulu’s Hottest Corner: A Buyer’s Guide to the Wholesale Market
As the island of Oahu’s real estate market continues to thrive, the wholesale market stands out from the rest. With a unique combination of luxury apartment projects and commercial ventures, this is a buying opportunity like no other. But for the savvy buyer, navigating the complex landscape of the wholesales market requires a thorough understanding of the city’s demographics, market trends, and financing options.
The Demand for Homes
In recent years, the demand for homes in Honolulu has skyrocketed, fueled by the city’s popularity among financial managers, retirees, and families. However, this boom has also put pressure on the rental market, driving up prices and making it increasingly challenging for buyers to secure a property.
The Challenges of Buying in Wholesales
Buying in the wholesales market comes with its own set of challenges. For one, the market is unregulated, making it difficult to determine a fair market value for the property. Additionally, the lack of reporting requirements and oversight can make it hard to track the property’s history and potential for future growth.
| Analysis of Major Challenges |
|---|
| Lack of transparency in the market |
| Difficulty in determining fair market value |
| Limited government oversight and reporting requirements |
Investing in Luxury Apartments
The luxury apartment market in Honolulu is one of the most sought-after in the city. With experts predicting a minimum target increase of 15% in three years (2023-2025), this is an ideal opportunity for buyers to capitalize on the demand.
Market Trends to Watch
- Over 22,600 acres of developed land and 12,500+ available building units
- Thousands of residents expect new housing developments over the next ten years
- Growing concern over housing costs and rental prices
Statistics to Expect in 2023
| Average Home Prices (2023) |
|---|
| $800k for a 1,000 sqft home |
| $900k for a 1,250 sqft home |
| Risk of Increased Interest Rates |
|---|
| Risk of stock market volatility impacting buyers’ confidence |
Information Section
| Buyer’s Intent |
|---|
| Looking for quick resale and easy financing |
| Target Sales Price |
|---|
| $800k – $1.2M |
Tools and Resources
| Realtor team [Realtor Team Website] for guidance and support |
| Wholesale buying list [Realtor Team Website] with approved wholesaler contacts |
Frequently Asked Questions:
Commercial Real Estate in Honolulu, Hawaii FAQ
Q: What is the average cost of commercial real estate in Honolulu?
A: The average cost of commercial real estate in Honolulu varies depending on the location, type of property, and other factors. However, the average price per square foot for office space is around $40-50, while retail space averages around $50-60 per square foot.
Q: What are the most popular areas for commercial real estate in Honolulu?
A: The most popular areas for commercial real estate in Honolulu include Downtown Honolulu, Waikiki, Kaka’ako, and Pearl City. These areas are in high demand due to their proximity to tourist attractions, Honolulu’s business district, and major transportation hubs.
Q: What types of businesses are most common in Honolulu’s commercial real estate market?
A: Honolulu’s commercial real estate market is dominated by businesses related to tourism, including hotels, restaurants, and retail shops. Additionally, there is a growing demand for commercial space from technology, healthcare, and education companies.
Q: Are there any specific regulations or zoning restrictions I should be aware of in Honolulu?
A: Yes, Honolulu has strict zoning laws and regulations to preserve the city’s natural beauty and cultural heritage. It’s essential to work with a knowledgeable commercial real estate agent or attorney to navigate these regulations and ensure your business is compliant.
Q: How do I find the right commercial real estate agent in Honolulu?
A: Look for an agent with extensive knowledge of Honolulu’s commercial real estate market, a strong network of local contacts, and expertise in your specific industry or property type. Research online reviews, ask for referrals, and interview multiple agents before making a decision.
Q: What is the average vacancy rate for commercial properties in Honolulu?
A: The average vacancy rate for commercial properties in Honolulu is around 5-7%, which is relatively low compared to other major cities in the United States. This means that it’s a competitive market, and it’s essential to act quickly when you find a desirable property.
Q: What are the benefits of investing in commercial real estate in Honolulu?
A: Investing in commercial real estate in Honolulu offers many benefits, including a strong economy, growing population, and limited supply of available properties. Additionally, Honolulu offers a unique combination of business opportunities, cultural attractions, and natural beauty, making it an attractive location for businesses and investors alike.
Resources & Links
- https://www.loopnet.com/Commercial-Real-Estate-Honolulu-HI/
- https://www.crexi.com/locations/united-states/hawaii/honolulu
- https://colliers.com/en/locations/honolulu/
- https://www.cushwake.com/en/united-states/locations/hawaii/honolulu/
- https://www.naiop.org/hawaii/
For Buyers & Sellers
The Impact of Commercial Real Estate in Honolulu, Hawaii on Home Buyers and Sellers
As a crucial component of the local economy, commercial real estate in Honolulu, Hawaii has a significant ripple effect on the residential market. Home buyers and sellers are directly and indirectly influenced by the dynamics of commercial properties in the area.
Home Buyers:
- Increased competition for residential units: The high demand for commercial properties, particularly in prime areas like Waikiki and downtown Honolulu, drives up land values and rents. This, in turn, leads to more expensive and scarce residential units, making it challenging for home buyers to find affordable housing options.
- Changing neighborhood dynamics: New commercial developments can transform the character of a neighborhood, potentially affecting the quality of life for nearby residents. For example, a large-scale retail or office project can lead to increased foot traffic, noise, and parking challenges.
- Increased costs: Rising property values and higher construction costs, partly driven by commercial development, are passed on to home buyers in the form of higher purchase prices or rents.
Home Sellers:
- Appreciation in property values: Commercial development can increase property values, benefiting home sellers who see their properties appreciate in value over time.
- More attractive neighborhoods: The addition of amenities like restaurants, shops, and entertainment options can enhance the desirability of a neighborhood, making it more attractive to potential buyers and increasing the value of nearby residential properties.
- Potential for revitalization: Commercial investment can revitalize underutilized or neglected areas, making them more appealing to residents and increasing the value of surrounding properties.
Broader Market Trends:
- Growing demand for urban living: As Honolulu continues to urbanize, the demand for housing and commercial space in close proximity to amenities and public transportation increases, driving up prices and rents.
- Increased focus on sustainability: The commercial sector’s emphasis on sustainability and green building practices has raised the bar for residential development, with home buyers and sellers expecting more eco-friendly and energy-efficient homes.
- Aging infrastructure and need for renovation: The aging commercial building stock in Honolulu necessitates renovation and redevelopment, which can lead to opportunities for creative reuses and updated properties, impacting local residential market trends.
Conclusion: The commercial real estate market in Honolulu, Hawaii has a profound impact on home buyers and sellers, influencing everything from property prices to neighborhood dynamics. As the local economy continues to evolve, it is essential for both buyers and sellers to understand these trends and adapt to the changing market landscape.
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