2023 Office Space Rent & Sales
- $37.48 2023 Avg. Asking Rent
- 0.50% Y-o-Y Avg. Asking Rent Change
- 10.49% 2023 Office Vacancy Rate
Honolulu office price per square foot in 2023 was $37.48 on average. This marked a +0.50% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 10.49% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Hawaii Class B Office Space$39.12
- Hawaii Class C Office Space$39.12
Honolulu, HI Office Asking Rents by Class
2023 Office Vacancy Rates in Honolulu
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Kapiolani - King | $44.02 | 5.98% |
| Waikiki | $38.30 | 9.72% |
| Urban Honolulu - Northwest | $34.70 | 21.78% |
Office Spaces for Rent in Hawaii
Coworking Spaces in Hawaii
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2023 Office Construction in Honolulu, HI
- Honolulu, HI Total SF completed in 2023 52,112
During 2023, 52,112 square feet of new office space were delivered across the market. At the close of 2023, the Honolulu office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 52,112 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Bishop Place | 1132 Bishop Street, 96813 | 492,560 | 2023 |
| 2226 Liliha Street | 2226 Liliha Street, 96817 | 101,976 | 1997 |
| Dole Cannery | 650 Iwilei Road, 96817 | 649,706 | 1996 |
| Harbor Court | 55 Merchant Street, 96813 | 214,934 | 1994 |
| 801 Dillingham Blvd | 801 Dillingham Blvd, 96817 | 52,043 | 1993 |
| 1357 Kapiolani Blvd | 1357 Kapiolani Blvd, 96814 | 250,000 | 1990 |
| Pacific Guardian Tower | 1440 Kapiolani Blvd, 96814 | 146,818 | 1989 |
| Bishop Square - Pauahi Tower | 1003 Bishop Street, 96813 | 460,124 | 1983 |
| 1188 Bishop Street | 1188 Bishop Street, 96813 | 1,226 | 1982 |
| Liliha Professional Building | 1520 Liliha Street, 96817 | 36,266 | 1979 |
Worth noting among recent office completions on the Honolulu market is Bishop Place, which is currently the largest new office development in the city, at 492,560 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Honolulu commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.