We have expanded our annual industrial market survey to include Falmouth and are now tracking nearly 20,000,000 SF of industrial real estate in Greater Portland and Biddeford/Saco. The current overall vacancy rate is 2.79% which equals only 550,000 SF of available industrial inventory over the eight cities and towns our firm studies. And of that, 167,000 SF is accounted for in a single building so backing that property out suggests a stifling sub-2% vacancy.
According to Partner & Designated Broker Justin Lamontagne, CCIM, SIOR, “the industrial market is proving Covid-resistant and the environment has never been more competitive. We see few signs of change in the near-term but this pandemic is truly unlike anything we’ve ever seen. It would be irresponsible to say the industrial market is immune to the effects of this crisis. But so far it sure is putting up a good fight.”