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Housing prices are rising faster than the rate that wages are growing, which is making the dream of an affordable house even more unattainable for many residents of Hawai'i. Because of the lack of new major retail developments and the cost of real estate in Honolulu, some big box retailers might also be thinking twice about expanding to Hawai'i.
Miulang
The median home price more than doubled over the past five years, peaking at $640,000 last year, up from nearly $300,000 in 2001, according to the latest investment market report released this week by Colliers Monroe Friedlander Inc.
An anticipated reduction this year in the growth rates for personal incomes, job growth and overall gross state product will continue to widen the affordability gap for the average household to buy a new home, said Mike Hamasu, Colliers director of consulting and research.
...Office:
» Fewer large spaces will make it harder for large tenants to relocate or expand.
Retail:
» Retailers will continue to face hardships in expanding because no large scale retail developments are planned in Honolulu.
As rents and construction costs continue to rise, national retailers are reconsidering expansion to Hawaii.
Industrial:
» The shortage of vacant industrial land has resulted in a 100 percent to 150 percent increase in land values for West Oahu industrial parks over the past two years.
Multi-family:
» Honolulu apartment rents rival prices in San Francisco and Boston.
However, it is still not financially viable for developers to build apartments with construction costs of more than $300 per square foot.
An anticipated reduction this year in the growth rates for personal incomes, job growth and overall gross state product will continue to widen the affordability gap for the average household to buy a new home, said Mike Hamasu, Colliers director of consulting and research.
...Office:
» Fewer large spaces will make it harder for large tenants to relocate or expand.
Retail:
» Retailers will continue to face hardships in expanding because no large scale retail developments are planned in Honolulu.
As rents and construction costs continue to rise, national retailers are reconsidering expansion to Hawaii.
Industrial:
» The shortage of vacant industrial land has resulted in a 100 percent to 150 percent increase in land values for West Oahu industrial parks over the past two years.
Multi-family:
» Honolulu apartment rents rival prices in San Francisco and Boston.
However, it is still not financially viable for developers to build apartments with construction costs of more than $300 per square foot.
Would've been just a waste of ink. 
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