News: Northern New England

Consigli Construction breaks ground on $37 million Penobscot County Judicial Ctr.

Consigli Construction Co., Inc. has began a 24-month $37 million courthouse project that will consolidate all of the city's courts into one building at Exchange St. With governor John Baldacci and Maine supreme court justice Leigh Saufly in attendance, the ground breaking event drew over 100 people from the local business community. The new Penobscot County Judicial Center building will play an important role in serving the needs of area residents and the judiciary, as the 90,000 s/f structure will incorporate a total of seven courtrooms, including one for arraignments, three for jury trials and three for family matters. Safety played an important role in the new facility's design, which includes space that maintains separate entrance areas for prisoners, helping to enhance security for the general public. A structured parking garage below the building will accommodate 60 staff vehicles and a security system will control access to all parts of the building. An efficient phased construction schedule is being implemented whereby site work and pile foundation installation will occur in the fall of 2007 while the interiors of the building are still undergoing design. Construction began on October 1. The building superstructure will begin in the spring of 2008. The design was provided by Leers Weinzapfel Associates.
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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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Columns and Thought Leadership
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
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. 

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