The Greater Portland Office market has continued at a steady pace in the first half of 2018; there are currently 1.5± MM square feet of office space available for lease. Rental rates have plateaued or dipped slightly depending on asset class and parking costs continue to rise, but when will tenants say enough is enough?… » Read more
The Southern Maine investment market remains robust. Out of state investors, 1031 tax deferred exchange transactions and historically low interest rates have all contributed to the continued strength of investment sales over the past year. CAP rates appear to have somewhat plateaued but remain historically low. Although the investment market sector remains strong, it is… » Read more
After 20+ quarters of shrinking vacancy rates and rising lease prices, the Southern Maine industrial sector finally saw signs of slight market correction. Vacancy rates have risen for the first time in almost six years, albeit marginally. My current estimation is that the overall Greater Portland industrial vacancy rate is hovering near 2.5%, up from… » Read more
New on the market! We are pleased to offer the The Children’s Museum of Maine building for sale. Located at 142 Free Street, this is a unique opportunity to own a historic piece of Portland. Read Mainebiz story here.
‘Layered’ deal at Foden Road in South Portland results in a commercial condominium agreement for Agren Appliance and Bedderrest. Read the summary by Mainebiz here. We are also listing the 10,500 SF former Thatcher’s space for lease!
Greater Portland’s industrial vacancy rate is at an all-time low. Justin Lamontagne speaks with Mainebiz about this economic crisis.
Here is a summary of the talking points from MEREDA’s annual Forecast Conference yesterday; 900 people were in attendance! Justin Lamontagne delivered his annual Southern Maine Industrial Forecast and unveiled our 2018 Industrial Market Survey. Download your own copy here!
Richardson Allen, high-end outdoor furniture makers, purchased a 3.81 acre lot in Mill Brook Business Park in Saco to construct a new manufacturing plant. They are expected to move into their new facility in January. Greg Hastings, SIOR brokered the sale. Read the Mainebiz story here.
This highly visible part of downtown encompasses an entire city block, right next to City Hall. The 2.2± acre property consists of an industrial building (formerly the Press Herald print building), 2 parking lots, and another industrial building. Tom Moulton, CCIM, SIOR and Katie Millett brokered the sale on behalf of the seller, Metro Media… » Read more
WEX was welcomed to Portland by city officials and developer Jonathan Cohen in a groundbreaking ceremony held this morning. 1 Hancock Street is the site of the company’s new world headquarters. (Read Mainebiz story here). The WEX development project received final planning board approval from the City on October 4th. This one-of-a kind building will be Portland… » Read more
