• Statewide vacancy fell 20 basis points (bps) from 2.6% to 2.4% as net absorption was positive, gaining 123,724 sq. ft.
  • Both operating expenses and the average gross asking rent increased from $0.38 to $0.40 per sq. ft. and $1.72 to $1.75 per sq. ft., respectively.
  • Leasing transactions statewide increased slightly from 54 last quarter to 56 in Q2 2020. Maui was the most active submarket with 21 lease transactions.