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2025 Southern Maine Industrial Market Survey

We are pleased to announce the release of our 2025 Southern Maine Industrial Market Survey. Staying true to our commitment of delivering a comprehensive and insightful report, this 14th edition of the survey once again expanded our geographic coverage. This year we inventoried an additional 2,100,000± SF, adding 45 buildings in Sanford and Wells.

Justin Lamontagne, our Designated Broker and Managing Partner, says in the report that the 2025 study “now tracks over 35 million square feet of space across 17 cities and towns in Southern Maine. As of December 1, 2024, the overall industrial vacancy rate in Southern Maine is just 2.49%, up from last year’s 1.93%. The study shows a notable increase in inventory within the Greater Portland area, where the vacancy rate has risen to 1.96%, up from a record low of 0.66% in 2023. While this increase is a positive development for tenants, it’s important to note that a sub-2% vacancy rate still makes it a tough market for businesses looking to expand or relocate. What’s more challenging is that the majority of available space in Greater Portland consists of medium to large buildings, typically 10,000 square feet or more. For businesses seeking less than 10,000 square feet—i.e. most businesses in Maine—options within a 15-mile radius of Portland are virtually nonexistent.

Overall, 2024 saw fewer sales, but higher values, and a steady leasing market that helped maintain transaction volume. This year highlighted the Maine industrial sector’s ability to diversify and adapt successfully. I believe the industrial sector is poised for some steady years, as we settle back into the “old normal” market.”

The full survey is available for download here, or you may request a printed copy by contacting Marina Turmelle at marina@dunhamgroup.com.