Most listings are in the $0's per square foot per year. The Waikiki region is seeing a decline in rates. In the last 3 months, the median rate fell $50 per sqft per year. That's a 100% decline in rent.
In the last 90 days, 22 listings have been listed, which means new availabilities most likley are leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around sqft. Most buildings in this area are close to 7 stories. Most buildings in this market 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 market. Most of the folk of Waikiki work from home. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.