房地产 -2026年第三季度檀香山办公室数据 Honolulu Office Figures Q3 2026

FIGURES|HONOLULUOFFICE|Q32026

HonoluluOfficeFiguresQ32026

10.9%

VacancyRate

Note:Arrowsindicatechangefrom

previousquarter.

102,000

SFYTDNetAbsorption

$3.46

Avg.DirectAskingRate(FSG/MTH)

MarketOverview

Honolulu’sofficemarketextendeditsrecoveryinQ32026withathirdconsecutivequarterof

positivenetabsorption.NetabsorptioninQ32026alonetotaledapproximately50,000sq.ft.,upfrom42,000sq.ft.inQ22026,bringingyear-to-dateabsorptiontoapproximately102,000sq.ft.Theresultmarkedasharpturnaroundfromtheroughly39,000-sq.-ft.occupancylossrecordedinQ42025.Overallvacancydeclined30basispoints(bps)quarter-over-quarterto10.9%.Vacancyhasfallenineveryquarterof2026,down90bpsfrom11.8%inQ42025and70bpsbelowthe11.6%recordedoneyearearlier.Thetrendmarksaclearshiftfromtheprolongedsoftnessthatdefinedthemarketoverthelastfewquarters.

Tenantdemanddrovetheimprovement,butsupply-sidedynamicsalsoplayedacriticalrolein

overallmarketperformance.Nonewproducthasdelivered,andnospacehasbeenunder

constructionduringtherecordedperiod.Assuch,availabilityhasheldbetween10%and13%overthepastthreeyears.Withsteadydemandandnonewsupplyinthepipeline,Honoluluis

positionedforcontinued,gradualtighteninginto2027.

Figure1:HistoricalNetAbsorption,Deliveries,andVacancy

Sq.Ft.%

100,000

50,000

0

(50,000)

(100,000)

(150,000)

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q32026

1CBRERESEARCH©2026CBRE,INC.

FIGURES|HONOLULUOFFICE|Q32026

2CBRERESEARCH©2026CBRE,INC.

Vacancy

PositivedemandsupportedHonolulu’sofficemarketinQ32026,thoughgainswereconcentratedinahandfulofsubmarkets.Overallvacancymeasured10.9%,withdirectnetabsorptiontotaling38,000sq.ft.Downtown(CBD)andCentralOahudrovetheresultswithgainsof27,000sq.ft.and16,000sq.ft.,respectively,offsettingoccupancylossesinKapiolani,EastHonolulu,WestHonoluluandEastOahu.Directvacancyaccountedfor10.4%,whilesubleasevacancyremainedlimitedat0.4%,orapproximately48,000sq.ft.Withminimalsubleasespaceandnonewconstruction

deliveredorunderway,vacancytrendscontinuetohingeondirecttenantdemandratherthannewsupply.

Vacancyconditionsvariedwidelybysubmarket,withthemarket’stwolargestinventorycentersperformingatoppositeendsofthespectrum.Downtown(CBD)maintainedavacancyrateof7.4%whilerepresentingnearlyhalfofthemarket’sinventory,whereasKapiolani(18.8%)holds

approximately506,000sq.ft.ofvacantspace,roughly40%ofthemarkettotal.WestOahu

postedthehighestrateat19.4%,thoughitssmallinventorybaseamplifiedthefigure.Windward(5.7%),EastOahu(6.1%)andWestHonolulu(6.1%)recordedthemarket’slowestvacancyrates.Together,DowntownandKapiolaniaccountforroughly70%ofthemarket’sinventory,andtheirperformancewillcontinuetosetthedirectionofoverallvacancy.

AskingRent

Askingrentscontinuedtoeasefromtheirlate-2025peakinQ32026,buthaveseensomegrowthsince2023.Theoverallaveragedirectaskingrentmeasured$3.46persq.ft.,downfrom$3.48persq.ft.inQ22026and$3.57persq.ft.oneyearearlier.ClassArentseasedto$3.49persq.ft.from$3.53persq.ft.inQ22026and$3.70persq.ft.inQ32025.SinceQ32023,overallrentshave

rangedbetween$2.91and$3.61persq.ft.,withClassArentsbetween$3.01and$3.84persq.ft.TheClassApremiumnarrowedto$0.03persq.ft.from$0.13persq.ft.ayearearlier,suggestinglandlordsofpremiumspacehaveadjustedpricingtocompetefortenants.

Submarketpricingvariedwidely,andtheClassApremiumdidnotholdineverysubmarket.

Waikikicommandedthehighestrentsat$4.51persq.ft.forClassAand$4.56persq.ft.forClassB,followedbyWindwardClassBat$4.32persq.ft.Downtown(CBD),themarket’slargest

submarket,postedClassArentsof$3.34persq.ft.,belowthemarket’sClassAaverage.East

Honolulushowedthewidestspreadbetweenclasses,withClassAat$3.78persq.ft.andClassBat$2.42persq.ft.,thelowestrateinthemarket.WithpremiumpricingconcentratedinWaikikiandWindward,sustaineddemandinDowntownwillbekeytorenewedrentgrowth.

Figure2:VacancyRatesbyClass

%14.0

13.0

12.0

11.0

10.0

9.0

8.0

OverallClassAClassB

Source:CBREResearch,Q32026

Figure3:AverageDirectAskingRatebyClass

$/SF

4.003.803.603.403.203.002.80

2.60

OverallClassAClassB

Source:CBREResearch,Q32026

FIGURES|HONOLULUOFFICE|Q32026

3CBRERESEARCH©2026CBRE,INC.

NetAbsorption

OccupiersexpandedtheirfootprintforathirdconsecutivequarterinQ32026,thelongestrunofpositivenetabsorptionsinceatleastQ32023.Netabsorptiontotaledapproximately50,000sq.ft.,upfrom42,000sq.ft.inQ22026butbelowthe59,000sq.ft.recordedinQ32025.ClassA

absorptioneasedto26,000sq.ft.from44,000sq.ft.inQ22026,whileClassBclimbedto24,000sq.ft.fromnegative2,000sq.ft.,itsstrongestresultsinceQ32023.Year-to-dateabsorption

reachedapproximately102,000sq.ft.,reversinganetlossofapproximately64,000sq.ft.in2025.ClassAcontinuestoanchortherecovery,buttheClassBreboundshowsdemandbroadening

beyondpremiumspace.

Gainsremainedconcentratedinasmallnumberofsubmarkets,whilemostofthemarketpostedmodestmovementineitherdirection.Downtown(CBD)ledwithapproximately30,000sq.ft.ofpositivenetabsorption,followedbyCentralOahuat16,000sq.ft.,togetheraccountingformorethan90%ofthemarkettotal.WestOahuandWaikikipostedsmallergains,whileKapiolaniandEastOahurecordednetabsorptionofnegative3,000sq.ft.andnegative1,000sq.ft.,

respectively.TheconcentrationofgainsinDowntownmakesCBDleasingthekeydriverofthemarket’snear-termperformance.

Figure4:NetAbsorptionTrend

Sq.Ft.

100,000

50,000

0

(50,000)

(100,000)

(150,000)

Kapiolani

Waikiki

DowntownCBD

WestHonolulu

CentralOahu

WestOahu

EastHonolulu

Windward

EastOahu

Total

Source:CBREResearch,Q32026

Figure5:NetAbsorptionTrend

100,000

50,000

0

(50,000)

(100,000)

(150,000)

Sq.Ft.

ClassB

Total

ClassA

Source:CBREResearch,Q32026

Figure6:QuarterlyNetAbsorptionbySubmarket

Sq.Ft.

30,000

25,000

20,000

15,000

10,000

5,000

0(5,000)

35,000

Source:CBREResearch,Q32026

FIGURES|HONOLULUOFFICE|Q32026

4CBRERESEARCH©2026CBRE,INC.

MarketStatistics

Figure7:DowntownMarketStatisticsbyClass

PropertyClass

NetRentableArea

(SF)

TotalVacancy

(%)

TotalAvailability

(%)

DirectAvailability

(%)

SubleaseAvailability

(%)

Avg.DirectAskingRate

($/SFFSG/mth)

CurrentQuarterNetAbsorption(SF)

Deliveries

(SF)

UnderConstruction

(SF)

ClassA

4,480,000

5.4

6.8

6.5

0.2

3.34

29,000

-

-

ClassB

885,000

17.2

21.3

20.6

0.7

3.23

-

-

-

Total

5,370,000

7.4

9.2

8.9

0.3

3.29

30,000

-

-

Source:CBREResearch,Q32026

Figure8:SuburbanMarketStatisticsbyClass

PropertyClass

NetRentableArea

(SF)

TotalVacancy

(%)

TotalAvailability

(%)

DirectAvailability

(%)

SubleaseAvailability

(%)

Avg.DirectAskingRate

($/SFFSG/mth)

CurrentQuarterNetAbsorption(SF)

Deliveries

(SF)

UnderConstruction

(SF)

ClassA

2,730,000

17.7

19.4

18.3

1.2

3.59

(3,000)

-

-

ClassB

3,400,000

10.8

11.6

11.6

-

3.53

24,000

-

-

Total

6,140,000

13.9

15.1

14.5

0.5

3.56

20,000

-

-

Source:CBREResearch,Q32026

Figure9:TotalMarketStatisticsbyClass

PropertyClass

NetRentableArea

(SF)

TotalVacancy

(%)

TotalAvailability

(%)

DirectAvailability

(%)

SubleaseAvailability

(%)

Avg.DirectAskingRate

($/SFFSG/mth)

CurrentQuarterNetAbsorption(SF)

Deliveries

(SF)

UnderConstruction

(SF)

ClassA

7,210,000

10.1

11.6

11.0

0.6

3.50

26,000

-

-

ClassB

4,285,000

12.1

13.6

13.5

0.1

3.44

24.000

-

-

Total

11,510,000

10.9

12.3

11.9

0.4

3.46

50,000

-

-

Source:CBREResearch,Q32026

*Numberspresentedthroughoutthisreporthavebeenroundedforreadability.Asaresult,individuallineitemsmaynotsumtothetotalsshown.Allfiguresshouldbeconsideredapproximate.

FIGURES|HONOLULUOFFICE|Q32026

5CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbySubmarket

Figure10

Submarket

NetRentableArea

(SF)

TotalVacancy

(%)

TotalAvailability

(%)

DirectAvailability

(%)

SubleaseAvailability

(%)

Avg.DirectAskingRate

($/SFFSG/mth)

CurrentQuarterNetAbsorption(SF)

Deliveries

(SF)

UnderConstruction

(SF)

Downtown(CBD)

5,370,000

7.4

9.2

8.9

0.3

3.29

30,000

-

-

Kapiolani

2,690,000

18.8

19.9

19.7

0.1

3.51

-3,000

-

-

WestHonolulu

1,390,000

6.1

8.8

8.8

-

3.31

1,000

-

-

Waikiki

611,000

13.4

13.4

12

1.4

4.54

1,000

-

-

WestOahu

416,000

19.4

20.3

20.3

-

3.44

4,000

-

-

CentralOahu

339,000

12

12.1

12.1

-

3.54

16,000

-

-

EastHonolulu

311,000

11.3

12

5.5

6.6

2.8

2,000

-

-

Windward

218,000

5.7

5.7

5.7

-

4.32

-

-

-

EastOahu

161,000

6.1

6.1

6.1

-

3.69

-1,000

-

-

Total

11,500,000

10.9

12.3

11.9

0.4

3.46

50,000

-

-

Source:CBREResearch,Q32026

*Numberspresentedthroughoutthisreporthavebeenroundedforreadability.Asaresult,individuallineitemsmaynotsumtothetotalsshown.Allfiguresshouldbeconsideredapproximate.

FIGURES|HONOLULUOFFICEIQ32026

MarketAreaOverview

WESTOAHU

LEEWARD

DOWNTOWN

(CBD)

KAPIOLANI

EASTCENTRAL

WAIKIKI

CENTRAL

EASTOAHU

WAIKIKI

Definitions

AvailableSq.Ft:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.

AvailabilityRate:TotalAvailableSq.Ft.dividedbythetotalbuildingArea.

AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.

BuildingArea:The