February - March 2008
industry news
BOMA / HECO create Energy handbook
As the green building trend continues to gain momentum, the Hawaii chapter of Building Owners and Managers Association (BOMA), in partnership with Hawaiian Electric Company, is producing a free BOMA Energy Efficiency Program(“BEEP”) handbook.
The publication, available in February 2008 through BOMA, will help businesses with the development and implementation of energy efficiency projects at their facilities and also point them to the technical tools and industry resources available in Hawaii and nationally.
‘The development of the handbook was a key agenda item this year under the leadership of 2007 BOMA-Hawaii President Dennis Gillum, the project chairman Bill Short and the subcommittees,’ said Cecily Ching, incoming president of BOMA-Hawaii.
‘In 2008, our focus will be to market and distribute these handbooks to our membership as well as other businesses and organizations so they can move forward on affecting positive changes in their properties, both existing and new construction.’
‘For Hawaiian Electric, helping our customers to use energy more efficiently is a critical component of our demand side management programs,’ said Keith Block, director of the customer efficiency programs division at the utility. ‘Clearly, businesses understand the value of investing in energy efficient technologies that will reduce energy use and lower operating expenses while protecting the environment and improving the performance of their buildings. The BOMA handbook will show how to get these results.’
The user friendly handbook covers topics ranging from funding energy projects to designing for energy efficiency, and provides an overview on a wide variety of subjects and topics relevant to commercial property owners, building and facility managers, architects, bankers, developers, engineers, hotels, restaurants and retail establishments. Also covered is the status of renewable energy use (solar, wind, sea water air conditioning, etc.) in Hawaii and high efficiency technologies. For more information, call BOMA at 847-0143 or email boma@hawaii.rr.com.
ChaneyBrooks Joins NAI Global;
ChaneyBrooks has become part of the worldwide network of NAI Global,
the premier network of independent commercial real estate service providers.
Now known as NAI ChaneyBrooks, the company is part of NAI Global, based
in Princeton, New Jersey, a worldwide company that manages a network of
8,000 professionals and 375 offices in 55 countries.
In 2006, NAI offices completed more than 36,000 transactions worth over
$40 billion. The company also manages over 250 million square feet of
commercial space.
Steve Sombrero, president and owner of NAI ChaneyBrooks, stated: ‘NAI ChaneyBrooks has become actively involved in Guam, Japan, Korea and China, where our portfolio of business now exceeds over $2 billion in project assignments.’
Sombrero also announced the expansion of NAI ChaneyBrooks in the Guam market, where the company has opened an office with 12 agents and over $1.6 billion in listings comprising over 2,000 acres, consisting of residential, industrial, resort and vacant development land.
The NAI ChaneyBrooks-Guam office is headed by Principal Broker and President Ron Ramos, a veteran real estate professional and developer from Guam and a schoolmate of Sombrero, who was raised in Guam.
NAI ChaneyBrooks has also launched operations in Tokyo, engaging in landlord-tenant representation assignments for U.S. retailers entering the Japan-Asia markets.
NAI ChaneyBrooks has been active in the Hawaii commercial real estate market for over 50 years. In 1958, Aaron Chaney opened a one-room office called Aaron M. Chaney, Inc., Hawaii’s first independently-owned property management company.
Maui Green Townhomes
Maui developer, Dowling Company, one of Hawaii’s leading green developers, will build an upscale residential community comprising 69 elegant townhome residences in Makena, Maui.
The project, to be known as Maluaka, is located on eleven acres on Makena Bay. Maluaka will be Maui’s first residential “green building” project. All of the residences are townhomes except for two, which are single family homes.
Interiors will be designed by noted Hawaii-based designer Philpotts & Associates. It is expected that the incomparable location and membership concept will drive rapid sales, with prices ranging from $4 to $15 million.
The
project is being developed under the stewardship of two respected Hawaiian
cultural leaders, Leslie Kuloloio and Kimokeo Kapahulehua. Every aspect
of the design, naming, operations and service components has been examined
from the standpoint of delivering an authentic Hawaiian experience.
In addition to the adherence to Hawaiian tradition and culture, Dowling Company is insisting on the highest level of environmental quality.The company has committed to achieving a LEED Gold Level at Maluaka’s clubhouse (The Club at Maluaka) and a Silver Level for the residences. Achieving these LEED certifications will represent the first time any residential project in Hawaii will have attained the award.
Lahaina Gateway signs Office Max
Office Max, a leader in both business-to-business and retail office products has signed a lease agreement to open a store at the Lahaina Gateway Center with owner Bilarjo LLC. CB Richard Ellis is the leasing agent. It is the second Office Max retail store on Maui and the first to serve West Maui in Lahaina. The other store is in the Maui Marketplace in Kahului.
Construction progress will allow the first stores of the new Lahaina Gateway to open in November 2007.
Lahaina Gateway Center will be anchored by the largest Barnes & Noble bookstore on Maui. The first Lahaina Farms store, featuring natural, locally grown products as well as high-quality foods has also leased space. In addition, Outback Restaurant, The Melting Pot and Baskin-Robbins will open stores and shoppers will also find a Maui Dive Superstore, Sunglass Designs, Hat Shack and Quiet Storm in the new “lifestyle” center.
One Main Plaza First EPA Energy Star Building on Maui
Maui Mayor Charmaine Tavares presented the first EPA Energy Star Award for a building in Maui County to Eric T. Chang, CBRE Real Estate Manager of One Main Plaza, a six-story office building in Wailuku.
The
Energy Star Award is earned by improving the energy performance of buildings
and plants and requires managing energy strategically. The EPA’s
goal is to improve energy efficiency of facilities by 10 per cent or more
in the United States and it provides tools and resources to accomplish
it. Buildings earn the Energy Star designation by being certified by the
EPA as being in the top 25 percent of similar types of building in terms
of energy efficiency as well as meeting the Energy Star program requirements.
One Main Plaza is located at 2200 Main Street, Wailuku, Maui and was built
in 1989 and has 162,000 sq. ft. of leased space and parking garage and
is managed by CBRE.
The award was earned by increasing energy efficiency with cooling towers fan motors and re-insulating of chiller barrels, retrofitting virtually all lighting fixtures and instruments in the offices, halls, storage and parking garage to more efficient instruments, replacing motors, landscaping controls and tinting on windows. CB Richard Ellis Group, Inc. (NYSE:CBG), the world’s largest commercial real estate services company, has a goal to become carbon neutral by 2010 and is committed to assisting clients with energy efficiency programs at the 1.7 billion square feet of building space that CB Richard Ellis manages around the world.
Safeway Opens in Kapahulu
Safeway Inc. opened its newest store, located at 888 Kapahulu Avenue in Honolulu. The new store features the company’s “Lifestyle” format with inviting décor and a warm ambiance that highlights the high-quality fresh products and proprietary brands Safeway offers.
The
new store offers hundreds of organic, natural and local products, expanded
fresh produce, meat, seafood and floral departments, and a host of special
features including a nut bar and a pharmacy. The Kapahulu store also includes
an expanded wine section with some 1,200 labels from around the world
including Hawaii wineries such as Volcano and Tedeschi.
The new store, which will be open 24 hours, has approximately 64,126 square
feet of space and boasts several specialty departments, making it a one-stop
shopping experience for customers.
You thought Honolulu’s office market was high?
London’s West End, Mumbai, the City of London and Moscow are the top four most expensive office markets in the world, according to CB Richard Ellis Research’s semi-annual Global Market Rents survey.
Honolulu does not rank in the list of the top 50 most expensive office markets in the world. The report tracks the world’s most expensive markets as well as markets with the fastest growing rents over the past 12 months. The top ten most expensive markets list is unchanged over the last six months; however, several cities’ rankings have changed. Mumbai’s Nariman Point, at $189.51 (occupation cost in US$/sq. ft./annum used throughout this release), rose three places to second. At $180.78, Moscow joined the top five, jumping two spots to fourth overall. Tokyo’s Inner Central Five Wards and Outer Central Five Wards fell to fifth and sixth, respectively. Midtown Manhattan is the priciest market in North America, at $100.79, and ranks #12 worldwide. Honolulu’s Central Business District is at $34.44 up 7.3% since November 2006, according to Jeffrey Hall, CB Richard Ellis Honolulu office senior research director.
Islandwide Oahu office rent now averages $33.18 and has risen 11.6% between November 2006 and November 2007.
Asia Pacific Singapore jumped from 24th to 11th most expensive globally, as rents rose to $102.37 over the last 12 months.
Occupation costs in Tokyo’s Inner Central Five Wards rose to $178.61, while the Outer Central Five Wards increased to $154.56.
Brisbane, Australia joined the top 50 most expensive, coming in at number 47. In terms of rent growth, Mumbai’s Nariman Point posted an increase of 55%.
Honolulu
The market rent has increased 29.9% since 2000 rising in each of the last 4 years and 5 of the last 7 years. “All office leases since 2006 have annual increases of between 3 and 5% built in,” said Joseph Haas, Senior Managing Director in Hawaii. Vacancy remains tight especially with adequate parking in the central business district.
Europe
At $328.91, London’s West End once again was the world’s most expensive office market. Occupation costs in that market are 82% higher than the City of London, where occupation costs rose to $180.80, the world’s third most expensive. Also notable in the region was Warsaw, where rents jumped 47% in the last year.
Americas
Five North American cities are among the world’s Top 50 most expensive office markets: Midtown Manhattan (12th); Calgary Central Business District (CBD) (34th); Toronto CBD (35th); and newcomers suburban Los Angeles (36th) and Downtown Manhattan (46th). Rio de Janeiro rose to $65.35 (33rd), while São Paulo inched up two spots to 40th at $59.25.
