The Price of Paradise
One of the benefits of being a member of NAI, a global commercial real estate network, is exposure to news, trends and information for regional, national and even international real estate markets. I recently saw a new listing from our NAI office in Honolulu that made me pause. The brochure detailed a ground floor retail space that was available for lease in the trendy Waikiki district. The space is 8,600 square feet, divisible down to 870 square feet and the asking rents range from $180 to $216 per square foot. No, I didn’t mistype that – one hundred and eighty to two hundred and sixteen dollars per square foot. Contrast that to retail space in Cleveland, which range from $15 to $20 per square foot in better centers. That’s a lot of pineapples.