MEREDA: Maine real estate markets on the upswing

February 10th, 2014 by admin Leave a reply »

More than 700 people crowded the conference space and exhibition hall of the annual Maine Real Estate and Development Association’s forecasting conference, held Jan. 23. Most presenters saw encouraging trends within the residential, industrial and commercial markets. Here are a few of the highlights:

Industrial

Justin Lamontagne, a broker with NAI Dunham Group, reported that 2013 was a very strong year for industrial market sales and leasing in southern Maine, especially in the under­-10,000 square feet sector, which saw several properties sold within a week of being listed.

Breweries such as Allagash Brewing, Bissell Brothers, Banded Horn, New England Distillery, Austrin Street Brewing, Foundation Brewing and Baxter Brewing and a new market for medical marijuana cultivation centers helped drive some of 2013’s industrial market growth, Lamontagne said. He characterized the medical marijuana cultivation centers in Yarmouth, Gorham, Biddeford, Saco, Windham and Westbrook as being “great tenants” from a landlord’s perspective, being a well­-funded and regulated industry that’s “quiet and secure.”

His survey of 496 industrial properties shows vacancy rates ranging from 2% in Saco and Scarborough, 2.4% in South Portland, 4.3% in Gorham and 5.3% in Westbrook to a high of 8.2% in Portland. “It’s clear we have an indus­ trial inventory crunch right now in the greater Portland market,” he said. “Lewiston-­Auburn and Biddeford are starting to take advantage of that.”

Looking ahead to 2014, Lamontagne expects to see a continued rise in lease rates, stabilization of vacancy rates and increased competition among investors seeking to purchase industrial buildings.

Residential

Single-family homes:

Single-family homes Closed sales of

Article source: http://www.mainebiz.biz/article/20140210/CURRENTEDITION/302069993/1088

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