REMI Urges Commercial Developers to Look at New Markets

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The Real Estate Marketing Insider advises commercial real estate developers and agents to consider branching out into new markets that may not be primary commercial destinations. The Insider’s advice was prompted by a July 11 news report in Lahaina News entitled, “Two top commercial real estate sales close in West Maui.”

The Real Estate Marketing Insider released an announcement advising agents, developers, and real estate marketing companies that specialize in commercial real estate to look at new markets in addition to any presence they have in established commercial centers. The Insider stated that with a bit of market research and the right public offerings, unlikely commercial markets could yield even higher rewards than forays into markets with demonstrated commercial success.

The Insider released its statement after Lahaina News published a story on July 11 of two high-volume commercial sales in West Maui. West Maui, which has celebrated a strong recovery from the real estate crash of 2007, recently closed on two commercial sales which marked the two biggest sales on the island. The first, for the Napili Plaza Shopping Center, carried a price tag of $19 million, while the second, a 13-unit office condo sale, went for just over $2 million.

The Insider congratulates West Maui on its recent splashes in the island’s commercial real estate market. Outside of Honolulu, on the island of Oahu, Hawaii and its cities are never considered as major destinations for commercial real estate; the latter being generally more prevalent in other West Coast destinations like Los Angeles, San Francisco, or Seattle. However, as these two big-ticket sales demonstrate, there is money to be made and under-appreciated opportunity in less-visible markets in Hawaii. The case is similar elsewhere, too. REMI believes that commercial realtors and developers should always be on the lookout for opportunities in places that may have underdeveloped commercial real estate.

The Real Estate Marketing Insider released a statement advising commercial real estate professionals to always consider forays into underdeveloped, less visible commercial markets. The announcement was prompted by high-priced sales on West Maui, far from the more-visible Hawaiian city of Honolulu.

About the Real Estate Marketing Insider:
The Real Estate Marketing Insider is an online publication that specializes in real estate news and analysis. REMI’s main offices are located in La Jolla, Calif.

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