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19 Sep 2023

Self Storage Market Insights: Honolulu


James McLean

Union Realtime

The Urban Honolulu, HI CBSA economy is powered by tourism which spreads across other sectors, such as the service industry, transportation, and retail trade. However, with so many people visiting so often, and the appeal of water sports, there is a strong demand for storage on the island of Oahu. With the cost of living being so expensive in Hawaii, Self Storage rental rates are no different, the high average price per square foot has proven an attractive metric developers looking to build in the area.

In 2020 the total supply of the Urban Honolulu, HI CBSA increased by 1.8%

In 2021 no new supply was added. In 2022 total supply increased by 6.8% and so far into 2023 no new supply has been added. The Urban Honolulu, HI CBSA has been periodically adding new supply, despite land zoned for CRE being so limited on the island of Oahu.

While the average price per square foot for self storage in Urban Honolulu, HI CBSA from the start of the year to the end of August in 2022 was $3.51, this number dropped by 4.9% to $3.34 in 2023 when looking at the same time frame. However the average price per square foot in 2019 for those dates was $2.74, making it a 21.4% increase from 2019 to 2023. Comparing the rate increases from precovid till now shows that demand for self storage in the Urban Honolulu CBSA have stayed almost as high as pandemic levels.

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