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Oahu office rent highest since 1999

Business expansion brought the vacancy rate for Oahu office space to 11.5 percent in the second quarter, according to a research report released yesterday by commercial real estate firm CB Richard Ellis Hawaii.

The average gross asking rent has reached $2.23 per square foot, the highest level since 1999, the report said.

With no new office developments planned, vacancy is expected to continue to fall while asking rental rates could increase by as much as 20 percent in the next year or two, CB Richard Ellis said.