Building Industry Magazine - January 2012 - (Page 61)

Forecast: Fairly Sunny with a Few Scattered Clouds The Hawaii Developers’ Council’s recent Real Estate Forecast presentation featuring panelists representing major real estate sectors, was surprisingly upbeat about several areas. Scott Higashi, executive vice president of sales for Prudential Locations, addressing residential real estate, said, “2011 was a little better than 2010. Even though the sales increase is slow, signs are positive— there is upward trending.” In an interesting sidebar, he explained that traditionally, out-of-state buyers made up the majority of investors. “But now, investment buying is mostly local.” Higashi also reported, “Luxury market sales actually are up, which is good sign. It means they still have money or they are able to borrow.” Mike Hamasu, director of consulting and research for Colliers Monroe Freidlander, summarizing the office and investment marketplace, stressed that with the continued economic uncertainty, “the investment outlook is still a wildcard.” However, he pointed out, “The financial market seems to be thawing as lenders seek to place loans.” Hamasu sees development “trending to urban infill, select retail and timeshares.” The news for the office market is not quite so hopeful, as vacancy rates have risen for the fifth year. “But by the end of 2012, we hope to see some positive absorbency rates.” Wendell Brooks III, senior vice president of CB Richard Ellis, gave the forecast for retail, calling it, “by far the healthiest sector,” and went on to outline a long list of projects that more than proved his point, from regional malls (“extremely healthy”) to visitor-oriented centers (“also healthy”) and more national retailers who are coming into Hawaii or expanding their presence here and in some cases, (T.J. Maxx for example,) returning to Hawaii. Joe Toy, president and CEO of Hospitality Advisors, and C. Mark Ambard, principal broker/ owner Ambard & Company Real Estate, rounded out the panel, with Toy saying the picture is not as bad as people say it is. “We’re seeing a lot of pent-up demand from Mike Hamasu, Wendell Brooks III and C. Mark Ambard were among the people who panelists at the Hawaii Developer’ Council’s recent Real Estate Forecast. want to come to Hawaii,” he Ambard was not quite as upbeat, said, also reporting that “timeshares saying it probably will be another have almost doubled since 2000, and three to four years for real recovery the number of bed and breakfasts in the marketplace. “But we reached and condos also is up.” He sees the the bottom in the second quarter of outlook for 2012 as “good, with 2011. Hawaii will recover!” continued recovery.” King’ Disposal s A COMPLETE REFUSE SERVICE Locally Owned & Operated COMPETITIVE RATES • FRIENDLY SERVICE • COMMERCIAL • RESIDENTIAL Fork Truck Services Frontload Service 2 cubic yards to 8 cubic yards 8 cubic yards to 40 cubic yards Roll Off Services Concrete Washout Services Recycle Services Hauling Services Compactor Sales & Services – New and Used Island Wide Call for Free Estimates… 847-4856 Building industry | JANUARY 2012 | 61

Table of Contents for the Digital Edition of Building Industry Magazine - January 2012

Building Industry cover
Table of contents
Datebook
BIA Installs New 2012 Leadership
Partnering for Smart Grid Project
Scholarship Opportunity
ABC Honors Best Merit Shop Projects
Contracts Awarded
Military
Best Practices
CCPI Resource Directory
Spotlight on Success: Submarine Drive-In Magnetic Silencing Facility, Beckoning Point
Hawaii County Dedicates Transitional Housing
IBEW Renovation Earns LEED Gold
Hyatt Place Opens in Waikiki
Forecast: Fairly Sunny with a Few Scattered Clouds
Concept to Completion: Hyatt Regency Waikiki Beach Renovations
Construction Preview Highlights
Good Neighbors
Low Bids
News Makers
New Products

Building Industry Magazine - January 2012