The commercial real estate market is extremely tight at the moment. From a story in the Maui News:

Maui retail and commercial business space vacancies are the lowest they’ve been since at least 2001, when Colliers Monroe Friedlander Inc. began surveying the island’s market…He estimates construction costs for low-rise commercial buildings (the kind that dominates the island) are about $300 a square foot, not counting land…Colliers Monroe has never seen vacancy rates as low as this year – 4.58 percent for retail space and 4.29 percent for office space. (Central Maui, which has 1.2 million of Maui’s 2.8 million square feet of retail space, has a vacancy rate of only 3.37 percent.)…Developers are responding. For offices, “despite obstacles,” nearly 400,000 square feet of new offices are on somebody’s drawing board. That is a big number, since Maui has only 643,100 square feet of offices now, most of it built before 1980.

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