Third Hawai‘I Commercial Rent Survey With New National Data Reinforces Bleak Future And Urgent Need For Relief
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The results of the Third Hawai‘i Commercial Rent Survey with National Overlay show the commercial rent situation continues to worsen for businesses in Hawai‘i and across the country.
A partnership between the Seattle-based Center for Housing Economics, the State of Hawai‘i Department of Business, Economic Development and Tourism (DBEDT), National Association of Industrial and Office Properties (NAIOP), and others in Hawai‘i’s business community, expanded its research scope at the end of 2020 to include data from businesses across the United States.
Exclusive: Third Hawaii Commercial Rent Survey results show business economy worsening kitv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitv.com Daily Mail and Mail on Sunday newspapers.
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Both the Hawaii Commercial Rent Survey and The University of Hawaii Economic Research Organization’s survey of residential landlords show landlords left in the lurch.
The commercial survey concentrated on the fourth quarter of 2020, finding $57 million in unpaid rent per month across all industries. This was a slight improvement over the third quarter.
Retail and restaurants remain the hardest hit by Covid closures, responsible for close to half of the unpaid rent.
And we haven’t seen the end of this. According to the survey organizer, Ryan Tanaka, president of Island Business Management, half of the respondents expect to miss at least one rent payment between now and June. Four in 10 businesses expect to miss three to six months of rent payments.