News: Northern New England

Martini Northern honored by Plan NH for Cross Roads House shelter

Martini Northern and Cross Roads House were honored by Plan NH with a merit award of excellence for the $4 million newly constructed homeless shelter. Plan NH cited the project for having brought together diverse people and organizations throughout the Seacoast in partnership from local fund-raising events to corporate donations and individual giving. Individuals and organizations helped on move-in day. Demolition of two older buildings on the extremely compact site began in the winter of 2009 with blasting and site work completed by spring. The project consolidated three old buildings into one larger structure that provides emergency family housing, along with a new dining hall, kitchen, laundry, offices, classroom and counseling space. One remaining building will be renovated, and the shelter remained open during construction. The new facility has slightly fewer beds, and reflects a greater emphasis on the transitional program, which has the greatest success in helping people move back to permanent housing. The new construction also includes mandated health and safety improvements, improved security measures and spaces better suited for separating the various groups of people — single men and women and families. The new 21,256 s/f facility includes a full basement and two floors above ground with clerestory windows, flat rubber roof, forced hot air heating, radiant floor heating, solar hot water heating, and a future natural gas-powered emergency generator set-up. The basement houses mechanical and electrical rooms, laundry, commercial kitchen and dining room. The first floor includes the lobby, casework room, resource room, offices, emergency quarters for men and families, family kitchen, children's play areas indoors and out. The second floor features emergency quarters for women, men and women's transitional rooms, casework rooms and facility offices.
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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
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. 

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.

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