Oahu's industrial vacancy rates hit unprecedented lows in the last quarter of 2022, dropping to a 'minuscule' 0.81%, the lowest in recorded history, according to a fourth-quarter market report from Colliers International Hawaii. By year-end, Oahu's industrial market saw a positive net absorption of 324,007 square feet. Halawa to Iwilei, land values range from $90 to $200 per square foot,' the report continues. 'At these prices, even with rents nearing $1.50 per square foot per month, justifying a new industrial development would be difficult.' 'Hopefully, if the economy falters, the downturn will be mild and a slowdown in economic activity will be short lived.'