Commercial real estate listings are on the rise in Central Maui. They range from a brand new warehouse to a shopping center. But the dominant factor in the market is still the rebuilding of Lahaina.
For years, the bulk of the commercial land for sale in Central Maui has been in the two phases of Maui Business Park.
Now, more properties are hitting the market, and that's creating a buyer’s market and renewed interest in the region.
One of the biggest properties for sale right now is Alexander and Baldwin's Kahului Shopping Center. It’s not just a shopping center — it’s got an office building and a fast-food restaurant on 20 acres right in the middle of Kahului.
Charlie Buckingham is a broker with Colliers Hawaii. He said it's the first time such a large chunk of land that could be developed is available in that area.
Meanwhile, the rebuilding of Lahaina continues to dominate the market two years after wildfires destroyed the West Maui town.
Grant Howe at Commercial Properties of Maui said it remains to be seen how that's going to affect any new construction in Central Maui.
But Howe pointed out that labor costs go up when there's a high demand and limited supply.
He said all that rebuilding is putting more pressure on an already slow permitting process. He also said that creates another layer of challenges for the Maui market.
