Hawaii industrial market vacancies reach 8-year peak

Hawaii industrial market vacancies rose to an eight-year high of 4.4 percent during the first quarter of 2010; however, vacancies ramped up at a slower pace than the two previous quarters, according to a report released today by CB Richard Ellis.

The slowdown in vacancy increases could indicate that the industrial market is stabilizing, CBRE said. There was 2.45 million square feet of vacant industrial space in Hawaii at the end of the first quarter, and the company expects more leveling off to occur in the market. Vacancies were highest in Kalihi, Waipio, Waipahu, Kapolei and Campbell.

At the same time, base asking rents decreased an average of 18 cents to $1.02 per square foot. CBRE expects rent will continue decreasing this year, but at a slower rate.

Sales of industrial properties remained sluggish during the first quarter. A bulk foreclosure sale this month of a second large condo project is expected to establish lower sales prices.

Downtown fair offers free financial information

A free Financial Literacy Fair will be held from 10 a.m. to 1 p.m. Wednesday at Tamarind Park in Honolulu. The Department of Commerce and Consumer Affairs organized the fair as part of Financial Literacy Month in April to provide free financial education information, services and programs to the public.

In addition to the Commissioner of Securities' Investor Education program, volunteer exhibitors include DCCA educational programs, AARP Hawaii, Better Business Bureau of Hawaii, Consumer Credit Counseling Service of Hawaii, Executive Office of Aging—SMP Hawaii & Sage Plus, Hawaiian Community Assets, Hawaii HomeOwnership Center, Hawaii State Public Library System, Honolulu Police Department, Internal Revenue Service, Office of Hawaiian Affairs, Social Security Administration, University of Hawaii at Manoa CTAHR Cooperative Extension Service and the U.S. Postal Service.

Small Business Administration helps firms with loans

A Community Express Day on Wednesday will help qualified startup and existing business owners deal with cash-flow needs, as well as to plan for expected economic changes.

Community Express Loans of $5,000 to $25,000 with terms up to 10 years are available based on good personal credit. Loans up to $50,000 also may be available, but include additional requirements. Small Business Administration staff members will meet with applicants from 9 a.m. to 2 p.m. at Waipahu WorkLinks at 94-275 Mokuola St., Room 102.

Reservations are recommended. Business owners are asked to bring their general excise tax license, proof of a business banking account and a basic business plan. Applicants can call 541-2990, ext. 211, or visit www.sba.gov/hi.

Road rougher for managers of wealth

Wealth managers will have to work harder for business this year now that the financial crisis has stabilized, said Robert Gould, head of investment and wealth management for Brown Brothers Harriman & Co.

“;That means 2010 becomes a more competitive environment for the wealth management business,”; Gould said. Gould oversees about $40 billion for the New York-based firm, whose clients have at least $5 million in investable assets.

Almost 30 percent of the world's millionaires withdrew their assets or left wealth management firms in 2008 when the Standard & Poor's 500 Index dropped 38 percent. The index has gained 45 percent in the last 12 months.

Total recall

» Natural Wellness is recalling MasXtreme, lot number 911035, a product marketed as a dietary supplement for increasing sexual performance. The company said the product contains undeclared amounts of Aildenafil and Phentolamine. Aildenafil might interact with nitrates found in some prescription drugs and could lower blood pressure to dangerous levels. Those with diabetes, high blood pressure, high cholesterol or heart disease often take nitrates. Common side effects of Phentolamine include abnormal heart rhythm and rapid heartbeat. For more information, consumers can call 954-570-6662.

Coming Up

» Today: National Association of Realtors releases pending home sales index for February.

» Tomorrow: Labor Department releases job openings and labor turnover survey for February.

» Wednesday: Federal Reserve releases consumer credit data for February.

» Thursday: Retailers report sales results for March.

» Friday: Commerce Department releases wholesale trade inventories for February.