News: Northern New England

Cannon Design completes 88,0000 s/f UMaine rec center

Cannon Design's Boston office designed the new recreation center at the University of Maine. Design and construction team members along with students, faculty and administrators celebrated the completed building at a recent dedication ceremony. The 88,000 s/f recreation center was the largest building project ever undertaken at UMaine. The facility features a three-court gymnasium, fitness center, natatorium (with swimming pool and sauna), walking/jogging track, Multiple Activity Court (MAC) court, racquetball (convertible to squash) courts, and support spaces. The contemporary building incorporates sustainable building materials and systems, including heat-recovery systems and recyclable materials. The university is seeking LEED Silver certification for the project Extensive use of glass on the south façade presents views of the activities within and provides users with views out to the scenic campus. The building's exterior material palette of copper panels, field stone, glass walls, and architectural precast concrete panels harmonizes with the natural setting. Inside, exposed wood structure, wood paneling, and light filled spaces reinforces and connects with the natural setting. According to Peter Hourihan, principal at Cannon Design, "We are proud to have partnered with Oest Associates, Pizzagalli Construction Company, and the UMaine campus community to create such an exciting, sustainable facility that was delivered on time and on budget."
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Northern New England

November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash

While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
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The Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion
Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.