News: Northern New England

No doubt our industry will be changed - by Christian Stallkamp

Christian Stallkamp

Looking back at my presidents message in March, I spoke about the need to be able to adjust in commercial real estate, with my direct quote being “you may never know what the next day / week / month will bring.” As I look back at that sentence I don’t think I could have even begin to have imagined what individuals, families and businesses are currently facing today with the current COVID-19 outbreak.

We are definitely in uncharted waters with no playbook of historical reference to look at. This surpasses the big economic events like the ‘73 recession, September 11, 2001 and 2008 financial crisis. At the time of writing this article, Morgan Stanley has projected jobless claims to hit 3.4 million, which would be five times the previous record. But with all this against us, I believe that the virus that has us isolated from each other will actually bring us together as a community to make us stronger. And it’s already happening around us.

Individuals, families and groups are helping those in need. I see restaurants like Laney & Lu in Exeter, N.H. providing free meals to first responders and hospital workers. I see young people reaching out to older high risk individuals to run errands. I see volunteers signing up to help the overstretched hospitals. And with three school age kids at home 11,9 and 7, I see an absolutely incredible effort by our teachers pivoting to provide online schooling and changing the way they teach. NHCIBOR has a nonprofit arm and 501c3 called NHCIBOR Cares. They have also mobilized and sent out donations to food pantries across the state. If you are in a position to be able to help with a donation, please feel free to send NHCIBOR Cares a check. Donations are tax deductible and we are 100% volunteer board. Please visit NHCIBOR.com for more details.

My week, like many, has been  spent hunkered down in my makeshift home office trying to push those deals that are under contract over the finish line and turning interest into formal contracts. I am happy to report that all are headed to a positive outcome with a lot of creative deal making from all sides and parties. The recent push from registry’s to electronic closings are helping the process as are lenders, attorneys and all those involved who have worked remotely as best they could. We need to keep this line open so there is something to come back to once this all blows over, or if things get worse in N.H. I urge the governor to look at real estate as an “essential business” as classified by Maine’s governor Janet Mills on 3/25/2020.

State and the federal governments are adjusting monetary policy with a $2 trillion stimulus bill which will look to help those individuals and businesses in need. Governor Chris Sununu has also stepped up issuing a number of executive orders to help and assist our communities like unemployment benefits for the self-employed in addition to allowing for secure remote online notarizations.

There is no doubt our industry will be changed when we get out of this self-isolation. As a community though we will be stronger and will rise up to be able to help those in most in need. I wanted to personally thank all the hard working professionals on the front lines from the medical professionals, to the Amazon drivers and employees at our grocery stores and government buildings/services. I am truly grateful for the service that you are providing to all of us in these truly challenging times.

Christian Stallkamp is a senior broker with The Boulos Co., Portsmouth, N.H. and is the 2020 president of the N.H Commercial Investment Board of Realtors, Bedford, N.H.

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
READ ON THE GO
DIGITAL EDITIONS
Subscribe
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
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.

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.