Most listings are in the $40's per square foot per year. The Waikiki submarket is going through a a boost in rates. In the last 3 months, the median rate rose $48 per sqft per year.
In the last 90 days, 22 listings have been posted online, which means office spaces most likley are going fast. You'll want to be prepared to make an offer immediately. About 23% of the available space in the Waikiki are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 910 sqft. Most properties in this region are close to 7 stories. Most buildings in this region were built in 1977 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this area. Most of the folk of Waikiki work from home. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.