Hawaii: A Premier Destination for Commercial Real Estate

Introduction

Hawaii, an archipelago known for its stunning landscapes and vibrant culture, is also a strategic hub for commercial real estate (CRE) investments. Its unique geographic position in the Pacific Ocean makes it a vital nexus for commerce between the United States, Asia, and other Pacific nations. With a diverse economy driven by tourism, defense, agriculture, and technology, Hawaii presents ample opportunities for CRE professionals to explore a range of asset classes, from office and industrial spaces to retail and mixed-use developments.

Economic and Industry Overview

Hawaii's economy is characterized by a diverse set of industries that significantly impact the demand for commercial real estate. The tourism industry remains a dominant force, contributing to a robust demand for retail and hospitality spaces. Additionally, Hawaii's defense sector, supported by several military bases, stimulates demand for industrial and logistics properties. The state is also seeing growth in technology and renewable energy sectors, creating opportunities for office and innovation district developments.

The Hawaii Department of Business, Economic Development & Tourism actively promotes economic growth and diversification through various initiatives, further bolstering CRE opportunities across the islands.

Strategic Location and Transportation Infrastructure

Hawaii's strategic location offers exceptional logistical advantages. The Daniel K. Inouye International Airport in Honolulu serves as the state's primary gateway, connecting to major cities across the Pacific Rim. The Hawaii Department of Transportation oversees a network of major highways and ports, including the Port of Honolulu, facilitating efficient distribution and trade.

These transportation infrastructures provide critical access to labor pools, enhance distribution capabilities, and position Hawaii as a key player in Pacific commerce.

Commercial Real Estate Inventory & Zoning

Hawaii's CRE market is diverse, with submarkets including the Central Business District (CBD) of Honolulu, industrial corridors in Kapolei, and emerging innovation districts. Key asset classes range from industrial and retail to flex and office spaces, with a growing interest in medical and multifamily developments.

Recent zoning changes and incentives, such as those outlined in the City and County of Honolulu's Planning and Permitting Department, offer developers attractive opportunities for investment. For zoning maps and parcel viewers, visit Honolulu’s zoning maps.

Major Employers and Institutions

Hawaii is home to major employers that drive CRE demand, including the University of Hawaii System, Hawaiian Airlines, and the Joint Base Pearl Harbor-Hickam. The presence of these institutions supports a stable demand for office space and contributes to the economic vitality of the region.

For more information, visit the Hawaii Economic Development Corporation.

Notable Commercial Developments & Projects

Significant developments include the Kaka'ako Waterfront, a mixed-use project offering retail, office, and residential spaces. The state's Opportunity Zones present additional incentives for investors seeking to capitalize on public-private partnerships.

For planning resources and approved development site maps, consult the Hawaii Planning Department.

Building Permits, Planning, and Development Tools

Hawaii offers a range of tools for developers and investors, including:

• City’s Building and Safety Department
• Permitting Portals
• Parcel Map Viewer / GIS
• Planning Commission
• Development Code

Market Data & Economic Reports

Access to comprehensive market data is essential for informed investment decisions. Public data sets, such as those available on census.gov and Hawaii's open data portal, provide valuable insights into the region's economic landscape.

Brevitas leverages AI-powered aggregation from public data and internal insights, offering users the ability to explore Brevitas-powered dashboards for Hawaii here.

Why Use Brevitas for Hawaii CRE?

Brevitas stands out as a premier platform for Hawaii commercial real estate, offering:

• AI-driven CRE discovery
• Real-time market alerts
• Smart property pages
• Dealroom collaboration

Unique features include auto-generated listing pages, email and landing page tools, integration with brokers and developers, and access to exclusive listings for premium exposure.

Explore the potential of Hawaii’s CRE market with Brevitas, your trusted partner in real estate excellence.