News: Northern New England
Posted: April 6, 2018
Landry/French places final steel beam on 104,000 s/f office building
Augusta, ME Landry/French Construction has reached a major milestone on the new 104,000 s/f office building for the Maine Department of Health and Human Services. On March 8th, construction crews placed the final steel beam, marking the symbolic completion of the structural phase of the building.
Construction on the project started in November. Despite the bitter cold and snow in December and January, as well as the tight labor market, the project has progressed extremely well and is weeks ahead of schedule.
Landry/French also marked another milestone on a second office building being built simultaneously on the site. Steel erection for the 26,000 s/f Maine Public Employees Retirement System (PERS) building began last week and is expected to continue for the next several weeks.
The two projects are employing over a hundred Maine subcontractors. Both buildings are scheduled to be complete in early 2019.
Located on the former Maine Department of Transportation site just two blocks from the State Capitol, the buildings are the first major addition to the State House complex since the 1970s. The two buildings are being developed by Virginia-based developer FD Stonewater and will be leased back to the state.
Tags:
Northern New England
MORE FROM Northern New England
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
Quick Hits
Columns and Thought Leadership
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
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
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
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.