Hawaii’s retail market vacancy rate increased to 6.1% in Q4 2017, just 10 basis points (bps) short of the highest vacancy rate since Q3 2014. The state-wide net absorption of negative 294,068 sq. ft. resulted in a 4.1% decrease in asking net lease rates to $5.43 per sq. ft. and a 4.2% increase in operating expenses to $1.73 per sq. ft.