News: Northern New England

Opechee and Astoria break ground on Lakes Professional Center

Opechee Construction Corp. broke ground on the Lakes Professional Center, a 16,031 s/f single-story office building in the Lakes Business Park on Hounsell Ave. Lakes Business Park is located off Rte. 11A and Rte. 3/11 Bypass. Lakes Professional Center is being developed by Astoria Properties and designed and built by Opechee. Lakes Professional Center is exclusively marketed by Coldwell Banker Commercial Weeks Associates. The building, modeled after Great Bay Commons in Newington, will have architecture of brick and glass, creating a first-class professional-quality office environment. Great Bay Commons, a two-building office condominium, was developed by Astoria and design-built by Opechee in 2007 and is fully occupied. Lakes Professional Center has an expected occupancy of February-March 2010. The building can be configured for eight separate units. Each unit has its own ground-level entry with direct access to parking. Office units are offered as "shell" space, ready for customized fit-up. The architect and builder will provide a no-obligation custom floor plan and unit design with a guaranteed price. Units can be combined to create larger spaces, and unit dividing walls may be relocated. Project developer Greg Kirsch of Astoria officiated the ground breaking.
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Northern New England

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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
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