News: Northern New England

Francis Cauffman designs master plan for Mercy Health Syst. of ME

With the completion of the first phase of its new hospital, Mercy Health System of Maine has one of the newest acute care hospitals in the city in over 25 years. Francis Cauffman Architects created the master plan for the 42-acre site along the Fore River, which will accommodate a 50% increase in the hospital's clinic space. Francis Cauffman also designed the first two buildings - a $49.5 million, 151,000 s/f short stay hospital and a $16 million, 80,000 s/f medical office building. Francis Cauffman created a master plan for growth that could be built incrementally and cost-effectively in two phases. The first phase facilities, just completed, include a short stay hospital for ambulatory surgery, inpatient surgery, maternity services, and imaging services, constructed by Gilbane Building Company. The adjacent medical office building has multiple physician practice suites and outpatient services. As part of the first phase, new surface parking, internal roads, and service access points were developed on the site, including the new Fore River Parkway that is integrated with the Portland Trails system. The second phase will add an addition to the hospital building that expands the site to the north. It will contain the emergency department, medical inpatient services, additional surgery suites, ICU, and acute beds. The new building incorporates several features from the hospital's former home, including the Mercy shield, which is integrated in cast stone above the new entrance; Portland red brick; and a new chapel, which features the original stained glass windows from the 1943 Mercy Hospital.
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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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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.

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
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.