Office rents likely to fall, through '02, survey says

Office rental prices on Oahu are likely to fall between 5 percent and 10 percent by the end of this year as a result of increasing vacancy and shrinkage of Hawaii's businesses, according to a report released by Colliers Monroe Friedlander.

The average asking rental rate for a full-service building was $2.13 per square foot at the end of 2001.

The local office market had a bad year in 2001, with vacancy rising to 12.7 percent following the impact of the Sept. 11 attacks on the state's tourism-based economy, Colliers said. Initially, tenants may get concessions other than lower rent, such as increased service, the report said.

The Kakaako/King/Kapiolani area suffered the most. Canada-based Lasik Vision Corp. permanently closed its office on the top floor of 711 Kapiolani Blvd. and Territorial Savings & Loan Association moved downtown.

Office vacancy is likely to rise another 1 percent to 2 percent this year, Colliers said.Stocks

Pro Bowl bumps up hotel occupancy for week

Visitors attending the Pro Bowl boosted state hotel occupancy to the highest weekly figures since the Sept. 11 attacks, according to a report released yesterday by consulting firm Hospitality Advisors LLC.

Statewide hotel occupancy reached 71 percent, with an average daily rate of $149.90, the report said. Oahu led the state with 76.6 percent occupancy, followed by Maui, at 69.3 percent. Kauai hotels reported 59.8 percent, and the Big Island 61.3 percent.

While the occupancy is up since the terrorist attacks, all islands are still below last year's levels. Kauai was the farthest behind for the week, 26.4 percent, while Oahu performed best, 7.3 percent below last year's levels, the report said.

Cheap Tickets' 'Net users nearly double in 2001

Travel discounter Cheap Tickets Inc., headquartered in Honolulu until its acquisition by New York-based Cendant Corp. last year, said today that registered users at www. cheaptickets.com increased nearly 100 percent in 2001 to 17 million and logins jumped 43 percent to 33.2 million.

The parent company, which streamlined Cheap Tickets' operations after taking over last October, still has one of its four call centers in Hawaii. The Honolulu center includes reservations, ticketing, human resources and customer care departments. Other call centers are in Tampa, Fla., Colorado Springs, Colo; and Lakeport, Calif. Cheap Tickets also said that monthly unique visitors to its Web site jumped 66 percent to 2.9 million in January 2002 from the year-ago period, according to Jupiter Media Metrix. This follows a 146 percent gain in December 2001 over year-ago levels.

In other news ...

OMAHA, Neb. >> Billionaire investor Warren Buffett has put millions of dollars into national restaurant chain Outback Steakhouse. Filings made public yesterday by the Securities and Exchange Commission indicate that Buffett's Berkshire Hathaway bought 1.8 million shares in the restaurant chain.

BACK TO TOP

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[TAKING NOTICE]

NEW JOBS

>> Terry Kawamoto has been named manager of ProSource Wholesale Floor coverings' Honolulu operation. She previously worked at First Hawaiian Bank as a loan officer.

>> Sal Froio has been named general manager at the Kauai Coconut Beach Resort. He will oversee all resort operations as well as development, sales and marketing at the resort. Froio joins the Coconut Beach Resort with more than 35 years in hospitality, accounting and auditing.

PROMOTIONS

>> Next Design has named Marc W. Lizama as a principal of the firm. He has been an architect with the company since March 2000. Lizama's recent projects include improvements at Maryknoll School and Kaiser Permanente.

>> The USS Missouri Memorial Association has named Lee Collins Sr. to the newly created position of director of marketing. He had previously served as director of education and tours and director of visitor operations.