Commercial real estate forecast brightens

Honolulu’s commercial real estate community got together Thursday morning for its annual industry forecast, and the consensus was that 2011 looks like it’s going to be better than last year.

Not much better, but at least the doom and gloom of 2010 was replaced by a lighter mood among the seven speakers at the annual forecast, which is put on by the local chapters of the Building Owners and Managers Association, CCIM and the Institute for Real Estate Management, or IREM.
Economist Paul Brewbaker predicted that spending will start to turn upward in private construction in March.


Investment sales are expected to increase to $2 billion after doubling in 2010 to $1.34 billion, according to Mike Hamasu, consulting and research director at Colliers Monroe Friedlander
Industrial lease rents will remain soft this year, and drop another 10 percent, according to Mark Ambard, president of Ambard & Co.
The office market is expected to remain flat, but Kalani Schrader, an executive vice president at CB Richard Ellis, predicted expansions among engineers, planners and construction companies involved with Honolulu’s rail transit project and the Marines’ move from Okinawa to Guam.
The nonperforming loans in the hotel sector should see some resolution this year, according to Joe Toy of Hospitality Advisors.


And Oahu’s residential market should see price increases of 3 percent to 5 percent for single-family homes and 2 percent to 3 percent for condominiums, according to Berton Hamamoto, president of Property Profiles.


Read more: Commercial real estate forecast brightens | Pacific Business News

Property Profiles Inc. which was formed in 1992 offers property management in Honolulu. Additionally, apart from offering property management in Hawaii, the organization also offers property management in Oahu and other parts of Hawaii. There has been tremendous growth in its services and range of services in real estate management. For more information the official website http://www.pprofiles.com/ can be visited.