News: Northern New England

City of Concord continues to reinforce its identity as a thriving capital city with the appeal of a small New England town

Ranked consistently as one of the top five communities under 50,000 in population in the United States in terms of economic strength, Concord, N.H. continues to reinforce its identity as a thriving capital city with the appeal of a small New England town. While the national economic picture remains convoluted, Concord is welcoming a variety of new, exciting projects. Construction of the 22,000 s/f Weston Solutions' LEED-Gold Certified office building furthers expands the highly successful Horseshoe Pond Corporate Park. The city's south end saw the opening earlier this year of the 35,000 s/f home to the Regional Visiting Nurses Association and is currently awaiting the completion of a new Residence Inn by Marriott. On the east side, the Locke Rd. Industrial Park grew with the construction of a 35,000 s/f industrial/flex building. Later this year, ground is expected to be broken for an 80,000 s/f office building in the downtown. The city of Concord recently enacted new proactive measures to foster continued quality development. In 2008, the city adopted the International Existing Building Code providing greater flexibility for renovations of historic downtowns. That same year, the city implemented the provisions of the state's RSA 79-E tax relief initiative. This collection of incentives, in addition to the city's downtown impact fee waiver program, is already reaping positive results with a recent conversion of an abandoned industrial property into homes in the city's Penacook Village district. In an effort to expedite and ensure successful project completion, the city's development review team also offers free weekly consultations for any stage of project evolution. For those seeking an enhanced quality of life, it is important to note that growth in Concord has been complemented by an increase in conservation areas and park space. Over the last five years, Concord's permanently protected open space has increased by over 1,500 acres adding to the nearly 50 miles of hiking/biking trails. The city offers a park in every neighborhood, 7 municipal swimming pools, a public ice arena, a semi-professional baseball facility and a recently installed 120' recreational bridge over the Contoocook River ideal for biking, jogging and snowmobiling. Those in search of scientific or creative pursuits will be hard-pressed to find another community in northern New England with as much to offer as Concord. The city is home to the Capital Center for the Arts, the Concord Audi, the Community Music School, the McAuliffe-Shepard Discovery Center, the Kimball-Jenkins School of Art, the League of NH Craftsmen and the NH Technical Institute - the state community college system flagship campus. These organizations, just to name a few, recently helped provide the momentum for the establishment of "Creative Concord"- a collaborative between the city, the chamber of commerce and the creative enterprise industry to provide a sustainable business plan for the growth of this vital economic sector. Located at the crossroads of I-89 and I-93, Concord provides ease of access for the movement of people and goods to the entire northeastern U.S. and Canada. Recent improvements such as the construction of the Langley Parkway and Regional Dr. further enhanced the linkage from the interstates to commercial interests within the city such as the Concord Hospital, the Airport Business Park and the Steeplegate Mall. The city is in the midst of a $10 million renovation to U.S. Rte. 3 providing vital new roadway and sidewalk infrastructure throughout the central core of the community. With quality services and one of the lowest municipal tax rates of any city in New Hampshire, Concord offers much to be desired.
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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
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

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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. 

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.