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Rethinking commercial real estate Alex Veiga ASSOCIATED PRESS LOS ANGELES — The distribution of COVID-19 vaccines is fueling optimism that Americans will increasingly return to the ways they used to shop, travel and work before the pandemic. That would be a welcome change for companies that own office buildings and hotels, or those that lease space to restaurants, bars, department stores and other retailers. These have been the hardest-hit areas of commercial real estate over the past year as the pandemic forced many businesses to shut down temporarily or operate on a limited basis. But even as the U.S. economy appears set to roar back to life this year, as many economists now predict, demand trends for commercial real estate could take longer to recover as businesses reassess their post-pandemic needs. This means higher vacancy rates and declining rents this year, especially for retail and office property owners, said Thomas LaSalvia, senior economist with Moody’s Analytics. “We see such potential and plenty of anecdotes and early data of actual shifts in how we work and how we shop,” he said. “The structural changes that are going on still give us pause to say that we’ve entered a recovery in terms of office or retail.” So far this year, the commercial real estate market has seen some positive trends, as many businesses that had to shut down or operate on a limited basis are
Mortgage rates dip for first time since January ASSOCIATED PRESS McLEAN, Va. — Mortgage rates fell for the first time in more than two months as buyers continue to be stifled by high prices and limited supply. Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year loan rate dipped to 3.13% this week from 3.18% last week. At this time last year, the long-term rate was 3.33%. The rate for a 15-year loan, popular among those looking to refinance, fell to 2.42% from 2.45% last week. One year ago it was 2.77%. Mortgage rates have been historically low for years, but strong demand and low inventory have pushed prices higher. Last week the National Association of Realtors reported that its index of pending home sales tumbled 10.6% to 110.3 in February, its lowest level since May of 2020. Contract signings are now slightly behind where they were last year after eight straight months of yearover-year gains. Meanwhile, U.S. home prices rose at the fastest pace in seven years in January, according to the S&P CoreLogic Case-Shiller 20-city home price index. The pandemic has fueled demand for single-family homes as people look for more space. Economists expect home loan rates to remain low as the Federal Reserve says it intends to keep its main borrowing rate near zero until the economy recovers from the coronavirus pandemic. Also Thursday, the Labor Department reported that the number of Americans applying for unemployment benefits rose last week to 744,000.
taking out concessions offered by landlords to woo tenants, dropped 1.5%. Moody’s Analytics is projecting vacancy rates for retail properties will climb to 11% or 12% as businesses reconsider their space needs after last year, when the percentage of retail purchases made online nearly doubled to 20%. “We actually expect that to rise closer to 25% by 2025,” LaSalvia said. “This pandemic forced a lot of people to pull the bandage off in terms of being willing and able to shop online.” For office space, vacancies rose to a rate of 18.2% in the first quarter from 17%, while average effective rent fell 1.8%, according to Moody’s Analytics. Before the pandemic, office vacancies had been trending around 15% to 16% nationally. LaSalvia expects that to climb to 20% by 2022, then decline gradually to 17% by the end of the decade. JOHN RAOUX / ASSOCIATED PRESS Hotels have had it particularly rough. Occupancy rates sank a Signs advertise a business space for lease at a shopping plaza in Orlando, Fla. year ago after global leisure and being given the green light to open pace since 1984 and the strongest conferencing? business travel all but ground to a by governments amid a pullback among the world’s wealthiest The full impact of these halt. The monthly occupancy rate in new coronavirus cases and a countries. assessments may not be known had been running well above 60% ramped-up rollout of vaccines. Still, commercial real estate for a while, as commercial in 2019 and stood at 65.7% in In March, the national owners face uncertainty as tenants property leases tend to run February 2020. Two months later, unemployment rate fell from 6.2% reevaluate their needs. Will between five and 15 years. Still, it sunk to 20.6%, according to data to 6% and employers added businesses that rented office some of the economic fallout from from Moody’s Analytics. 916,000 jobs, the most since space and spent the last year with the pandemic is already visible in Occupancy improved to about August. That included 216,000 most or all of their employees national commercial real estate 45% last summer, before easing positions at restaurants, hotels working from home need as much industry data. again. It was 34.4% in January, and bars — the sector most space? Will retailers that shifted The vacancy rate for retail space down from 66% a year earlier. damaged by the pandemic. more of their operations online increased to 10.6% in the first Meanwhile, the average revenue And this week, the International during the pandemic cut back on three months of this year from per available room, or RevPAR, a Monetary Fund forecast that the key hotel industry metric, was storefronts? Will businesses 10.2% a year earlier, according to $30.27 in January, down 64% from U.S. economy will grow 6.4% this resume spending on travel after Moody’s Analytics. And average a year earlier. year. That would fastest annual having embraced video effective rent, what’s left after
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Anahola-$1,199,000 3 Bed/2 Ba Interior Area: 1,627 sq.ft Lot Size: 6,860 sq.ft Kevin M. Horita RB-19351 808-639-8213 MLS 636131
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KAUAI’S
Kapaa
KAUAI REALTY
Wailua-$394,000 2 Bed/1 Ba Interior Area: 590 sq.ft Tad T. Miura RB-12398 808-652-6698 Mark K. Tanaka RB-9222 808-639-0367 MLS 642400
Omao Homesteads $1,200,000 5 Bed/3 Ba Interior Area: 3,426 sq.ft. Lot Size: 0.56 arce MLS 648741 Leah Ragsac, RS-80621 (808) 212-4086 leah@leahragsac.com
Great opportunity to own TWO SINGLE FAMILY HOMES on a large 24,394 sq.ft lot, minutes away from Poipu beaches, shopping, schools and recreation. The main house is a beautiful 2-story, 4 bedroom 2 bathroom home. The second home is a 1 bedroom legal/ permitted Additional Dwelling Unit (ADU). Newly renovated. To get the full extent of how amazing this property is, you must make arrangements to see! A 360 virtual tour is available. Enjoy this property as a family compound or a place of investment opportunity.
Legals / Public Notices Public Notice Public Notice Completion of Contract WASTEWATER SYSTEMS
OWNER’S NOTICE OF COMPLETION OF CONTRACT
PUBLIC NOTICE OF Kapaa-$1,250,000 3 Bed/2.5 Ba. Interior Area: 2,283 sq.ft. Lot Size:1.81 acres Ann Zaslow RS-82535 808-639-3675 MLS 641043
VARIANCE APPLICATION NO. WW 653 DOCKET NO. 21 - VWW - 17
NOTICE IS HEREBY GIVEN that pursuant to the Provisions of Section 507-43, of the Hawaii Revised Statutes, the construction by RS Weir General Contracting, Inc. of that certain Private Residence situated at 2942 Kauapea Rd., Kilauea, HI 96754, TMK: (4)5-2-05-035:05, has been completed. Pranava Properties Inc. Owner(s) (TGI1321611 4/2, 4/9/21)
Pursuant to Hawaii Revised Statutes (HRS) Section 342D-7(i), the State Department of Health (DOH) seeks written comments from interested persons regarding the following. Mr. Kalani Vicente has applied for a variance for the maximum of five (5) years from section 11-62-32 of Hawaii Administrative Wailua-$1,650,000 Rules, “Wastewater Systems.” 4 Bed/3 Ba Mr. Fred A. Reyes, P.E. is the authorized agent to 1 Bed/1 Ba Interior Area: 3,618 sq.ft act for the applicant. The variance request is for the Lot Size: 0.51 acres construction of a new individual wastewater system to IN ESCROW Leah Ragsac be installed at Kokee Road, Kekaha, Hawaii 96752 RS-80621 and TMK (4) 1-2-002: 003. 808-212-4086 If you would like to review the complete Glen Kojima RS-80593 application, please visit the State of Hawaii, Waste 808-651-5850 Water Branch, 2827 Waimano Home Rd, #207, Pearl Glen@KauaiRealty.net City, Hawaii 96782. For more information or if you have MLS 645322 special needs in inspecting and/or commenting on the public notice, please contact Mr. Mark Tomomitsu, Supervisor of the Planning & Design Section at the above address or call (808) 586-4294 (voice) at least seven (7) calendar days before the comment deadline. Lihue-$625,000 For those who use a TTY/TDD, please call Sprint Relay 3 Bed/2 Ba. Subscribe today Hawaii at 1-711 or 1-877-447-5991. DOH will consider Interior Area: 1,274 sq.ft. 245-0433 all written comments received within 30 days of this Mark K. Tanaka thegardenisland.com notice. If warranted, DOH may hold a public hearing RB-9222 808-639-0367 on the application, after receipt of related documents Ashley M. Carvalho and written comments, if any. RS-73535 ELIZABETH A. CHAR, M.D. 808-639-9307 Director of Health MLS 645673 (TGI1322515 4/9/21) COUNTY OF KAUAI PLANNING COMMISSION - 4444 Rice Street, Suite A473, Lihue, Kauai, Hawaii, 96766, tel: (808) 241-4050, fax: (808) 241-6699, email: For Rent planningdepartment@kauai.gov. Pursuant to the provisions of State Land Use Commission Rules and Regulations, Kauai County Code, Chapter 8, as amended, KAPAA: The Courtyards Hawaii Revised Statutes Chapter 91, and the Rules of Practice and Procedure of at Waipouli 1, 2, & 3bd units, granite counters, the County of Kauai Planning Commission, notice is hereby given that the County of custom cabinets, stain- Kauai Planning Commission (“Commission”) will hold an agency hearing with a less appls, solar hot public hearing and an opportunity for public testimony on Tuesday, water, walk to beach & May 11, 2021, at 9:00 a.m. by Microsoft Teams Audio: +1-469-848Kintaro. PETS OK 0234, Conference ID: 620 121 629# to hear testimony and comments from all Call for availability interested persons regarding the following: (808) 822-1300 www.courtyardsatwaipouli.com 1. Class IV Zoning Permit Z-IV-2021-7 and Use Permit U-2021-6 to allow operation of an athletic health club within an existing warehouse building and operation of a commercial kitchen & retail business within the existing Old Mill Building on a parcel situated at the Oka Street/Aalona Street intersection in Kilauea Town, further identified as 2430-A Oka Street, Tax Map Key: 5-2-014:049, and containing a total area of 20,389 sq. ft. Lihue-$1,570,400 All persons may present testimony for or against any application as public Lot Size: 1.03 acres witnesses. Such testimony should be made in writing and presented to the Eric N. Yama RB-10975 Department prior to the hearing. Late written testimony may be submitted up to 808-639-3414 seven days after the close of the hearing in cases where the Commission does not Mark K. Tanaka take action on the same day as the hearing. Any party may be represented by RB-9222 counsel if he or she so desires. Also, individuals may appear on their own behalf, a 808-639-0367 CHRYSLER member of a partnership may represent the partnership, and an officer or MLS 632948 authorized employee of a corporation or trust or association may represent the 2000 Chrysler Concorde corporation, trust or association. Petitions for intervenor status must be submitted 4 door sedan 126k mi. to the Commission and the applicant at least seven days prior to the date of the $1200/OBO. 826-1261 hearing advertised herein and shall be in conformance with Chapter 4 of the Rules Must be sold by 4/18. of Practice and Procedure of the Planning Commission. A copy of the proposal will be emailed to any interested person who requests a copy. Please submit your request to the Planning Department. KAUAI PLANNING COMMISSION, Donna Apisa, Chairperson, By Kaaina S. Hull, Clerk of the Commission. NOTE: IF YOU NEED AN AUXILIARY AID/SERVICE, OTHER ACCOMMODATION DUE TO A DISABILITY, OR AN INTERPRETER FOR NON-ENGLISH SPEAKING PERSONS, PLEASE CONTACT THE OFFICE OF BOARDS AND COMMISSIONS AT (808) 241-4917 OR ASEGRETI@KAUAI.GOV AS SOON AS POSSIBLE. REQUESTS MADE AS Subscribe today 245-0433 EARLY AS POSSIBLE WILL ALLOW ADEQUATE TIME TO FULFILL YOUR REQUEST. thegardenisland.com UPON REQUEST, THIS NOTICE IS AVAILABLE IN ALTERNATE FORMATS SUCH AS LARGE PRINT, BRAILLE, OR ELECTRONIC COPY. (TGI1321820 4/9/21)
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