We are pleased to announce the release of our 2024 Southern Maine Industrial Market Survey. In this 13th edition of the Survey, we once again expanded its geographical area. The expanded report added seven new towns and cities growing the full inventory to 990 buildings and over 30,000,000 SF. With the increased scope, we can study what are considered industrial “sub-regions”: Lewiston/Auburn/Gray, Greater Portland, and Northern York County. This closer look allows us to understand different niches, nuances, and opportunities within each sub-region. In future years, we plan to continue to expand the report to Southern York County, the mid-coast, and Gardiner-Bangor.
Overall, Southern Maine’s industrial market projects to be as competitive as ever. “For the first time since we began tracking in 2011, the Greater Portland total vacancy rate has fallen below 1%”, says Justin Lamontagne, our Designated Broker and managing Partner. “This critical lack of inventory is inhibiting businesses ability to grow and, therefore, add jobs,” he added.
The report suggests that this remarkable supply and demand imbalance is offsetting interest rate pressures, and allowing the market to maintain steady lease and sales pricing. There was a slowdown in overall transactions in 2023, however, that had less to do with demand and more with this critical lack of inventory. We expect that trend to continue in 2024.