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Year-end 2020 Maui Market Report

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Pandemic Adversely Affects Maui’s Economy

Maui’s vulnerable tourism-based economy suffered direct hits by the COVID-19 induced global recession this past year. Air passenger arrival counts, which averaged roughly 244,000 per month pre-COVID, dropped to a miniscule 1,900 per month for the eight months following the April 2020 shutdown.  This reflected a 74.3% drop in air passenger arrivals for 2020.  This decline in visitors in turn adversely affected 2020 hotel occupancy rates which fell from 77.7% to 33.9% during the past year. Unable to operate profitably, many of Maui’s hotels were forced to curtail operations as they waited out the pandemic’s wrath.

As a result of 16.2% of the island’s workforce being employed by the accommodations industry, Maui’s unemployment rate hit a record high of 34.6% in April 2020 and by December 2020 this rate declined to 13.0% as employers started to rehire previously laid off staff. During the past year Maui lost 16,800 jobs, of which, nearly half (7,800) were attributed to the hotel sector and an additional 40% (6,500) attributed to retail job losses.


Year-end 2020 Maui Market Report

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Mike Hamasu

Research & Consulting Director

Hawaii - Honolulu

Michael brings to Colliers Monroe Friedlander, Inc. over 25 years of marketing and marketing research experience. Michael has directed research efforts at commercial brokerages with a focus on providing information to assist in strategic decision making for real estate investors and brokerage clientele. This effort reported on nearly 600 million square feet of commercial/industrial properties in the San Francisco Bay Area.

Having been quoted in the Wall Street Journal, USA Today, Real Estate Forum and Commercial Property News as well as other regional publications, Michael has been recognized for his detailed analysis of the commercial real estate marketplace and has  become the recognized source for commercial real estate trend analysis and forecasts for Hawaii’s marketplace.

In addition to managing the primary and secondary research efforts in the collection of commercial office, retail and industrial market information and statistics, Michael established the company’s real estate consulting division. Utilizing market factors such as: vacancy rates, absorption, net effective rents, and sales comparables, this consulting unit is able to advise developers, investors, property owners, and tenants on current and projected market trends.

Whitney Cressman Limited — Commercial Real Estate Marketing Research Director
Directed brokerage, internal research efforts, and generated real estate consulting assignments at a busy boutique firm in San Francisco Bay area. Served as the principal liaison to press and media. Analyzed office, retail, and development site criteria for market demand and feasibility.

Cushman & Wakefield — Commercial Real Estate Research Services Manager
Oversaw the compilation of market analytics for 600 million square foot commercial and industrial markets throughout the San Francisco Bay area. Recognized nationally and regionally for innovative data management and analysis. Selected to serve on a national career development board for research services. Directed research staff of 12 in five Bay area markets.
Identified by brokers as a manager achieving service excellence.

• Development Feasibility Analysis
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Charles Buckingham

Vice President | Hawaii

Hawaii - Maui

Charles Buckingham is a Vice President for our Maui Brokerage Services Division and serves as one of the primary contacts for our company's leasing and sales transactions team. With an average of over 50 transactions per year, his clients both Landlord and Tenant benefit from his focused work ethic coupled with the high levels of service and integrity.  Though Mr. Buckingham is a seasoned veteran on Maui, he never stops seeking out new opportunities for his existing clients, his goal is to ensure clients business needs are satisfied with the proper real estate solutions.

Mr. Buckingham moved to Maui in 1998 to join A&B Properties as the Director of Leasing where he was responsible for all related leasing activities of Maui's largest office, retail, industrial, and ground lease portfolio.  Notable transactions and clients include Whole Foods Market, TJ Maxx (Build to Suit), Krispy Kreme (Build to Suit), U.S. Government, Longs Drugs (CVS), Central Pacific Bank, Taco Bell, Burger King, County of Maui and the State of Hawaii. 

Mr. Buckingham is originally from Los Angeles, California where he worked for Colliers Seeley in their Los Angeles office specializing in Industrial Leasing and Sales transactions.  In addition to his work life, Mr. Buckingham takes an active role in the community as a volunteer and participant in multiple non-profit organizations and events.  Along with his three children Mr. Buckingham enjoys most water related sports most notably competitive sailboat racing.

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