Commercial DemandDespite weathering a 2.2msf occupancy decline, rents attributed to the Home Depot space are less than 1% of the total, while the site should see ample demand given lack of land earmarked for commercial use in Hawaii.
Leasing PipelineThe leasing pipeline aggregates 7msf, and includes both recent vacancies, with management suggesting 35% sits in advanced stages; execution on this pipeline should stabilize the portfolio.
Management InsightsManagement noted 'strong interest' in the Hawaii land parcel, which could see rent roll up as high as 30%.