Real estate attorney talks Maui commercial real estateOctober 9, 2023 – Media Mention
Real Estate Attorney, Nancy Zhao, was featured in Pacific Business News discussing the impact of wildfires on Maui, ranging from the immediate loss of property to the broader economic repercussions on the island's tourism and commercial real estate sectors.
In the immediate aftermath of the fires, many tourists left the island and canceled upcoming trips, and government officials initially discouraged visitors to Maui, as Nancy Zhao, an associate in Greenberg Glusker's Real Estate Group and a board director for the Maui County Bar Association, pointed out in an email to Pacific Business News.
"As a result of the decline in tourism, there was a big drop in business for retail stores, restaurants and hotels in many parts of Maui," she wrote in response to questions from PBN.
Although the fires caused the most damage to homes and businesses in the Lahaina area, "the significant decrease in tourism resulted in a steep decline across the entire island," Zhao said. "For commercial property owners in Lahaina, the biggest concern is the loss of their buildings that have been burned down or otherwise completely destroyed and the resulting loss of business." PBN spoke with Zhao about the state of Maui's commercial real estate market in the wake of the wildfires, challenges ahead and more.