#island business management

The Fourth Hawai‘i Commercial Rent Survey, ending March 2021, of 790 business owners show more businesses are making full rent payments and expect to make full rent payments going forward, but there is still great need for a commercial rent relief program.

Business owners in Hawaiʻi have until March 31 to complete the fourth Hawaiʻi Commercial Rent Survey, which aims to provide state and county policymakers with data on the impact of accumulating commercial rent as the state moves towards economic recovery.

The results of the Third Hawaiʻi Commercial Rent Survey with National Overlay show the commercial rent situation continues to worsen for businesses in Hawaiʻi and across the country due to the affects of the COVID-19 pandemic.

The results of the second Hawai‘i Commercial Rent Survey reveal that more Hawai‘i businesses are suffering financially as the COVID-19 pandemic drags on. Since the first study was conducted in July, many companies have had to make the difficult decision to scale back their workforce and lay off workers.

“Central to the survival of tenants and property owners alike is the fact that counties continue to collect property taxes in full, resulting in a domino effect of landlords needing to cover their expenses from small businesses’ occupancy,” according to Island Business Management, LLC, one of the survey partners.