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In the retail and multifamily categories, the growth in Honolulu was among the strongest of all listed categories. While this may have represented a positive trend, nevertheless, the impact on the overall real estate market may have seemed rather less important, as Honolulu cannot be compared, in terms of size and population, hence in terms of demand, with Chicago, New York or Los Angeles. So, we may hereby conclude that statistics in general and this statistic in particular gives only hard facts, without actually considering whether or not those facts are important for the overall motivation of the statistic.
Nevertheless, this statistic was extremely useful and had an important value, due to several factors. First of all, one can use it to foresee a trend for the future. Indeed, lecturing the figures and interpreting them leads to relevant conclusions in terms of what will happen in the future with the real estate business. According to this statistic, one also needs to keep an eye on the economy and the evolution of economic factors in order to be able to determine how demand will evolve on the real estate market. As I have previously pointed out, not only does economy influence the evolution of the real estate market, but it is one of the main factors that coordinates it.
From the data presented...
economy. Already the last months of 2002 saw a resurgence of job growth, with positive figures there. The impact on office space and the multifamily market (here correlated with low mortgage rates) was obvious from this point-of-view and led to a certain decrease in the rent market.
Like any statistic, this real estate statistic is both a regard in the past, presenting a set of data from 2002, but at the same time, an eye in the future, because, as I have shown previously, it helps us create and understand certain trends that have occurred in the past and may reoccur in the future as well. The main value of any statistic comes, in my opinion, from the capacity to understand the future from the events of the past.
Bibliography
1. Molony, Walter. Commercial Real Estate Anticipates Gradual Recovery. COMMERCIAL REAL ESTATE QUARTERLY. March 2003. On the Internet at http://www.realtor.org/PublicAffairsWeb.nsf/Pages/ComrclQtrly?OpenDocument
Molony, Walter. Commercial Real Estate Anticipates Gradual Recovery. COMMERCIAL REAL ESTATE QUARTERLY. March 2003. On the Internet at http://www.realtor.org/PublicAffairsWeb.nsf/Pages/ComrclQtrly?OpenDocument
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