News: Northern New England

Pro Con building new 100-room Residence Inn by Marriott Hotel

Construction is underway for a new 100-room, Residence Inn by Marriott hotel located at 670 Turner St. Pro Con Inc. is the architect and construction manager for the $7.8 million design build hotel, which is being developed by Auburncourt, LLC. The hotel is located 6 miles from I-95 and is diagonally across from the Auburn Mall. The 4-story, 75,256 s/f hotel will offer studios, one and two bedroom suites with complete kitchens and separate sleeping and living room areas. The Gatehouse will feature a large hearth room including a fireplace, breakfast buffet area, guest market, meeting room and study area. Plans call for a connected pool house with an indoor pool, spa, fitness room and guest laundry. The hotel will reflect a new generation of Residence Inn by Marriott with exterior stone veneer, gable windows and cathedral ceilings in the Gatehouse and pool areas. Pro Con Inc. began construction in March and has scheduled a March 2009 completion date. The hotel will also have an outdoor patio area with a gas fire pit, barbeque station and an athletic sports court.
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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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Columns and Thought Leadership
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. 

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
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