8 minute read
Community Corner
Commercial Properties Pulling Together
On behalf of BOMA Hawaii, we would like to share this update with BMH readers:
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To respond to the COVID-19 crisis in Hawaii, BOMA has: • Worked with Gov. David Ige and
Mayor Kirk Caldwell to ensure the safe continued operations of commercial facilities as critical infrastructure during this time of crisis. • Transitioned educational programming to webinar formats and online services. • Established a job board for open positions and job seekers in the commercial real estate sector. • Provided information about commercial cleaning related to high-touch office areas.
The stay-at-home orders have affected some segments of the commercial real estate industry more severely. BOMA Hawaii supports companies that continue to operate in the face of risk to promote the safety of the broader community and supports companies that have chosen to or been forced to suspend operations. The COVID-19 crisis is unprecedented, but the ability of the commercial real estate industry sectors to work together collaboratively is well-developed.
BOMA Hawaii is confident that Hawaii’s hiki no (can do) spirit is alive and well, and that the industry will emerge stronger than ever.
Holly Morikami President, BOMA Hawaii
IREM Updates Help for Managers
Residential and commercial managers have increasingly become more important than ever as they navigate through the many challenges and changes brought on by the COVID-19 pandemic and continue to make a difference in the lives of so many people. The Institute of Real Estate Management’s (IREM) No. 1 focus at this time is to help real estate industry professionals manage through the coronavirus crisis by providing education, content and industry resources.
IREM has added a Coronavirus Resource Page to its website, irem.org. There are invaluable resources made available to the public such as: • The Pandemic Guide for Real Estate Managers (in English and Chinese) which was developed to assist in COVID-19 planning efforts and future pandemics. • CARES Act Summary. • Select on-demand courses, 10- to 15-minute videos and live webinars. • IREM advocacy: According to IREM International, “IREM has signed on to several letters to the White House, Congress, the Treasury and IRS advocating for aid to residents and businesses, as well as extending the deadline for 1031 like-kind exchanges and Opportunity Zone participants.”
In addition, “IREM is participating in a Call to Action as part of a broad coalition of real estate providers representing the entire industry to ask for additional relief for the real estate industry.” • IREMs Community Room which is an online forum to connect real estate professionals with each other.
Our IREM Hawaii Chapter Board of Directors has been meeting more frequently via Zoom to properly plan for future educational offerings and events. We started hosting a webinar series titled “COVID-19: A Call to ARMs,” which are panel discussions to provide timely information on managing one’s property during the COVID-19 crisis.
We’ve also launched WhatsApp, a cross-platform mobile messaging app, for our ARMs and CPMs to collaborate, ask questions, share information and provide recommendations to each other. This has been a great communication tool for our managers, especially during this time.
In addition, we’ve needed to make the following changes to our calendar of events: • April 15, General Membership Meeting at Hale Koa has been postponed to a date TBD. • IREM Scholarship Golf Tournament at Hoakalei Country Club is tentatively rescheduled to Sept. 25. • ARM (Accredited Residential Manager) Track scheduled for May 4-9 on Oahu and May 11-16 on Maui will now be held as a virtual live classroom on May 4-9. IREM and CCM scholarships are available. • Waiea property tour scheduled for May 21 has been postponed to a date TBD.
IREM will continue to provide updates and valuable resources to help our fellow managers locally and around the world. For more information about IREM, contact IREM Hawaii’s president Kristi Hirota-Schmidt at 539-9502 or IREM’s executive director Lauren Kagimoto at (877) 447-3644 or iremhawaii@gmail.com.
Kristi Hirota-Schmidt
Condo Sales Mixed Before the Virus
Sales of Oahu condominiums during March were down 12% from the previous year, and experts foresee sales plummeting further in coming months as effects of the coronavirus pandemic spread throughout the Islands.
On March 24, the Honolulu Board of Realtors advised its members to cease open houses for the time being. Some Realtors report showing homes in protective gear and establishing sanitizing stations outside front doors, a trend likely to continue. Several owners pulled units off the market for fear of potential buyers possibly infecting their property.
The actual numbers showed 410 condos being sold on Oahu in March, down from 467 in March of 2019. The median cost, meanwhile, was up 1.4%, from $429,000 a year ago to $435,000 this year.
On the Big Island, condo sales were down 8.9%, from 71 a year ago to 64. The median cost, though, was up 8.3%, from $375,000 in 2019 to $410,000 this year.
On Kauai, condo sales were up 14.7%, from 34 to 39. The median rose 34.2%, from $521,750 to $699,950.
In Maui County—including Lanai and Molokai—sales volume was up 3.2%, from 154 last year to 159, while the median price jumped 9.1%, from $508,500 to $555,000.
The median is the price point at which half of condos sold for more and half for less. Sources include the Honolulu Board of Realtors, Kauai Board of Realtors, Realtors Association of Maui and Hawaii Island Realtors.
Cofran Leaves Ala Moana for Ward Village
The Howard Hughes Corporation has hired Francis Cofran as vice president of management and operations at Ward Village.
Most recently, Cofran served as senior general manager at Ala Moana Center, where he worked on the Hoʻokipa redevelopment and Nordstrom and Ewa Wing expansions, adding a total of 930,000 square feet of new retail space to the state’s largest shopping center.
At Hughes, Cofran will oversee the master-planned community’s commercial real estate operations.
“Francis’ thoughtful leadership and vast commercial real estate experience will be invaluable to Ward Village as our community evolves,” said Doug Johnstone, president of Hughes’ Hawaii operations. “He has a remarkable track record of creating successful shopping, dining and experiential destinations, and we look forward to having his vision to help steward our growing neighborhood.”
Said Cofran: “We are in unprecedented times where close collaboration, respect and perseverance will be integral to the success of our community. I’m grateful for the opportunity to be at the forefront of the retail, restaurant and entertainment scene in this unique neighborhood.”
Born, raised and a resident of Kailua, Cofran attended the University of Hawaii. He has more than 25 years of experience in commercial real estate.
Francis Cofran
CRW Hire
Commercial Roofing & Waterproofing of Hawaii Inc. has hired Kevin Pelka as a project managing estimator.
Pelka will be responsible for working with CRW’s AOAO and commercial clients, as well as consultants and general contractors. In addition to estimating projects, he will be providing management oversight for all phases of the construction projects, as well as client relations
He previously was a project manager at ICC Hawaii Industrial Structures, and prior to that he worked in the solar industry for REC Solar as a sales engineer.
Pelka brings over 20 years of experience working on the Mainland in the automation and manufacturing industries. With his first 10 years in the automation industry, he helped engineer automation solutions for companies such as Tesla and Amazon. He comes from Decra Roofing, with his final years here as a plant manager.
Kevin Pelka
New Help for Homebound Seniors
Help Is On the Way is a new Hawaii nonprofit that arranges for its corps of volunteers to deliver needed food and supplies to kupuna and others who would otherwise go hungry.
Founded by Gregory Kim, a corporate attorney with a penchant for volunteering, Help Is On the Way is a grassroots program that is growing quickly because of the current health crisis. Kim says the group is seeking volunteers to make deliveries, and for connections to kupuna in need.
“Perhaps you’re out shopping anyway and can pick up supplies for
AGING IN A CONDO Gregory Kim
an elder,” says Kim. “Maybe you can make a delivery once a week. Anything will help.”
To request delivery service or to volunteer, visit hihelpisontheway.org or follow the group on Twitter (@HIHelpontheWay), Instagram (@HIhelpisontheway) or Facebook (facebook.com/hihelpisontheway/) or email hihelpisontheway@gmail.com.
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