Honolulu tops industrial list

[urbanguy]

Honolulu tops industrial list

Source: Pacific Business News

With a vacancy rate of 1.8 percent, Honolulu tops a national list for the tightest industrial market, according to a report by Colliers International.

The fourth-quarter 2005 vacancy rate for Honolulu put it at the top of the list, given that it was far below many other major U.S. markets and the national average of 8.4 percent.

Los Angeles was in second place, with a fourth-quarter vacancy rate of 2.7 percent, followed by Northern New Jersey, which recorded a vacancy rate of 5.7 percent.

Scott Mitchell, executive president of Colliers Monroe Friedlander, said the report reinforces the difficulties faced by Honolulu's industrial tenants in finding space to lease.

"The year-end 2005 industrial vacancy rate of 1.8 percent makes Honolulu the tightest industrial market in the country," he said.

Nationwide, Colliers International -- of which Colliers Monroe Friedlander is a member-owner -- expects demand to remain robust in 2006.

The following is Colliers' ranking by fourth-quarter 2005 vacancy rates:

* Honolulu: 1.8 percent.

* Los Angeles: 2.7 percent.

* Northern New Jersey: 5.7 percent.

* Central New Jersey: 6.6 percent.

* Milwaukee: 7.2 percent.

* Houston: 7.3 percent.

* Chicago: 9.0 percent.

* Philadelphia: 10.5 percent.