Why Southern Maine’s Industrial Market is Headed for Rockier 2019

My mind wandered recently on a long drive, as it often does. I had the music going and, in typical Maine fashion, cell phone coverage was spotty. It was nice to effortlessly jump from thoughts of the upcoming holiday season with my young kids, to my 20-year high school reunion and old friends, to the promise of another long playoff run by my beloved Patriots. But as I passed commercial buildings and warehouses, my attention drifted to the bricks and mortar of the metro Portland …

January 30, 2019Industrial, Maine, Market Reports, Northeast, Northeast Market Reports

Speculative Industrial Development Picks Up in Southern Maine

In Southern Maine, we have an inventory problem. An inventory shortage, that is. During the recovery, there has been a steady flight to quality in all sectors including office, retail and, most strikingly, the industrial market. For the seventh consecutive year, the Greater Portland industrial market vacancy rate has dropped. We are now hovering close to a 2 percent total vacancy, which is grossly inhibiting end-users and growth. [caption id="attachment_192412" align="alignright" …

January 10, 2018Industrial, Maine, Market Reports, Northeast, Northeast Market Reports

Downtown Portland, Maine, Class A Office Market Remains Tight

As 2018 begins, it appears that the Greater Portland office market has continued to hold on to low vacancy rates as supply remains low across both Class A and Class B buildings throughout the market. CBRE/The Boulos Co is conducting its annual market outlook; it will be exciting to see the results, which we release in January. I anticipate the numbers to show a steady or slight decrease in vacancy rates across all submarkets but also show a much lower absorption rate, as momentum has appeared …

January 3, 2018Maine, Market Reports, Northeast, Northeast Market Reports, Office

Availability Continues to Tighten in Greater Portland, Maine, Office Market

[caption id="attachment_160872" align="alignright" width="100"] Tyler Hobbs,CBRE / The Boulos Company[/caption] The real estate environment in the Greater Portland region has been incredibly strong this year. On top of the favorable vacancy rates in the industrial, retail, and multifamily sectors, the office market vacancy in the region continues to dwindle, following the trend we’ve seen over the last five years. In a state with a geographic footprint that could nearly fit the rest of …

August 17, 2016Maine, Market Reports, Northeast, Northeast Market Reports, Office

Greater Portland Retail Bucks National Trend with Decreasing Vacancy

[caption id="attachment_135235" align="alignright" width="100"] Matthew Cardente,Cardente Real Estate[/caption] The retail sector in Southern Maine’s commercial real estate market remained strong through year-end 2015 with all signs indicating continued improvement through 2016. While the national average retail vacancy rate increased to 12.6 percent in 2015, the retail vacancy dropped to 3.6 percent in Greater Portland, according to Malone Commercial Brokers’ annual retail …

July 20, 2016Maine, Market Reports, Northeast, Northeast Market Reports, Retail

Southern Maine’s Retail Market is Steady and Strong

[caption id="attachment_135235" align="alignright" width="100"] Matthew Cardente,Cardente Real Estate[/caption] The retail market in Southern Maine remains strong through mid-year 2015. Retail vacancy rates are low, investment sales are up, new retail projects are actively under construction, and plans for new retail developments are on the horizon. Positive trends in Maine’s retail sector have been evident for several years now, indicating that the market has stabilized and there is …

August 5, 2015Maine, Market Reports, Northeast, Northeast Market Reports, Retail

Windham, Maine, Rebounds With Hotel And Single-Tenant Retail Construction

Home to many of the fastest growing communities in Maine, the Sebago Lakes region is continuing its rebound from the Great Recession. Recent Census data puts Windham as the second-fastest growing Maine community, just behind our neighboring town of Gorham. All six of Windham’s bordering towns are in the top 30 fastest growing communities, including four in the top 10. Windham acts as the marketplace and service center for the region and serves a primary trade area population of 61,000 …

August 7, 2014Maine, Market Reports, Northeast, Northeast Market Reports

New retailers enetering the market.

The Southern Maine retail market is rebounding. According to Malone Commercial Broker’s retail survey, Greater Portland’s vacancy rate was at a 10-year high of 10.8 percent in 2009 but dropped down to 6.24 percent in 2011. We are seeing absorption of some empty big boxes, and new retailers are entering Maine’s marketplace. Last year, Buffalo Wild Wings opened its first Maine restaurant in South Portland and then opened a second location in Auburn. Five Guys opened its first …

June 18, 2012Maine, Market Reports, Northeast Market Reports