1. Presented to Hawaii Developers Council July 2005 Roger B. Lyons (B) RETAIL MARKET OVERVIEW Hawaii Developers Council

2. Retail Services Hawaii Developers Council 2  Land values are up  Users are pricing developers out of the market  Hawaii is hot, expect more interest  Construction prices are driving rents up Trends

3. Retail Services Hawaii Developers Council 3  Rents  selectively  Vacancy   Construction  Trends

4. Retail Services Hawaii Developers Council 4  Safeway (Kapahulu)  Public Storage (Kapiolani)  Kapiolani Hospital (Beretania/Kapiolani)  Best Buy (Iwilei)  Hawaii Self Storage (Waialae)  Aloha Island Self Storage (King/Kalakaua) User Deals Honolulu

5. Retail Services Hawaii Developers Council 5  Kapolei o Kapolei Parkway o Kapolei Commons o Kapolei Center  Ewa o Kunia S.C. o Lualani Center  Pearl City o Wal-Mart o 13-Acre Site o Drive In o Best Buy Development - Oahu  Honolulu o Best Buy (Iwilei) o Victoria Ward Centers o Safeway (Kapahulu) o Moanalua S.C.  Waikiki o Waikiki Beachwalk o Royal Hawaiian S.C.

6. Retail Services Hawaii Developers Council 6  Maui o Lahaina Gateway  Big Island o Kona Commons  Kauai o Kukuiula Development – Neighbor Island

7. Retail Services Hawaii Developers Council 7 Who’s Coming to Hawaii

8. Retail Services Hawaii Developers Council 8  Increasing Visitor Numbers! o 7 Million+  Royal Hawaiian Shopping Center o Renovation begins this year  Outrigger Waikiki Beachwalk o Development Underway  International Market Place o Design/Developer Selection Waikiki Activity

9. Retail Services Hawaii Developers Council 9 Waikiki Tenants

10. Retail Services Hawaii Developers Council 10 Who’s NOT Coming to Hawaii

11. Retail Services Hawaii Developers Council 11 What does it all mean moving forward?

12. Presented to Hawaii Developers Council July 2005 Roger B. Lyons (B) RETAIL MARKET OVERVIEW Hawaii Developers Council