On average, listings lease in the $40's per square foot per year. The Waikiki region is going through a decline in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 5% decrease in rent.
In the last 90 days, 22 listings have been posted online, which means new listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 18% of the office spaces in the Waikiki are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,000 sqft. Most buildings in this market are close to 7 floors. 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 region. Most of the occupants 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.