The inaugural National Commercial Rent Survey (NCRS) is an expansion of the Hawai`i Commercial Rent Survey, which is now in its third phase. The NCRS will analyze the hardship the business community across the country is facing and the impact commercial rent is having on their operations heading into 2021.

This survey is a public-private partnership aimed at gathering additional data with the intentions of sharing its findings with the nation’s government leaders who are currently looking for actionable insights and information as they work to find solutions to the devastating impacts of COVID-19.

In order to field this national survey, your participation and support is needed by Friday, January 15, 2021 at midnight. This will only require a few minutes of your time to complete.

The survey is anonymous and only aggregated totals and averages calculated from all the respondents will be compiled. Individual company data collected by this survey will remain strictly CONFIDENTIAL.

If you feel someone else in your organization is better suited to answer these survey questions, please feel free to forward the link to that individual.

This is just one example of how communities across the country can work together to find positive solutions to move the nation’s business community forward. By rescuing small businesses, it gives people an opportunity to return to work which in turn will result in a faster economic recovery for our country.

Thank you so much for your help and support in this important matter. Should you have any questions or need any additional information, please feel free to contact me at any time.
 
Sincerely,

Ryan Tanaka
President
Island Business Management, LLC
ryan@ibmhawaii.com
 
Additional Background on the Hawai‘i Commercial Rent Survey

A coalition of Hawai`i business leaders from the public and private sector completed the first Commercial Rent Survey in June 2020 and followed it up with a second survey in September 2020. While both efforts provided great data and information specific to the Hawai`i market, our efforts were starting to garner national attention due to the severity of the situation in the Hawaiian Islands. The first two reports can be viewed at www.ibmhawaii.com.

The Hawai`i Commercial Rent Survey was created in partnership with the Department of Business, Economic Development & Tourism (DBEDT), Center for Housing Economics, NAIOP, the Chamber of Commerce Hawaii, Hawaii Restaurant Association, Retail Merchants of Hawaii, Hawaii Food Industry Association, Hotel Lodging & Tourism Association, Hawaii Executive Collaborative, First Hawaiian Bank, Central Pacific Bank, American Savings Bank, Bank of Hawaii, Aloha Pacific Federal Credit Union, Hawaii USA Federal Credit Union, and others.

In September 2020, after seeing the results of the first Hawai`i Commercial Rent Survey, the Honolulu City Council voted unanimously on RESOLUTION 20-208 urging city administration to establish a Commercial Landlord-Tenant Grant Program to serve as a catalyst for landlords and tenants to engage in positive dialogue. Without help, the burden of old lease rents are unbearable for most businesses to survive the traumatic impacts of the pandemic.
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