Honolulu tops nation in industrial rent costs
Honolulu topped the nation for the most expensive industrial rents, according to a new report by Colliers International.
The city has recorded the highest industrial prices among major metropolitan areas in the United States since 2003.
Significant increases in rent in recent years have pushed the price of industrial rent in Honolulu to $14.28 per square foot as of June 30, compared to the national average of $5.56.
The next most expensive cities for industrial rents per square foot are San Mateo, Calif., at $10.92; San Diego, Calif., at $9.36; and West Palm Beach, Fla., at $9.30.
The least expensive cities were Cincinnati at $3.10 per square foot; Columbus, Ohio, at $2.75; and Memphis, Tenn., at $2.73.
Nationally, second-quarter absorption fell below expectations with occupied space increasing by 36.5 million square feet, compared to 50.3 million square feet in the year-ago period.
Industrial vacancies nationwide increased to 8.23 percent in the second quarter, compared to 7.98 percent during the first quarter and 8.34 percent during the year-earlier period.