News: Northern New England

Pro Con continues construction of 53,000 s/f Borthwick Ave. office bldg.

Construction is continuing on a 53,000 s/f Class A office building at 155 Borthwick Ave. The building, which is adjacent to the Portsmouth Hospital, is located off I-95, near the Portsmouth traffic circle. Pro Con Inc. of Manchester is the architect and the construction manager for the $5 million design build project, which is being developed by Millennium Borthwick II, LLC. The 3-story office building will have an enclosed 3-story connector tying the new building to the existing 3-story office building on the same site and enabling people to walk between the two buildings without venturing outdoors. The professional office space will be ready for tenant fit-up when the building is completed in May. The steel framed building will have a brick façade with ribbon windows and a curtain wall window system at the corners of the building. The main entrance features a 2-tiered canopy with brick and metal accent piers. Plans call for the building to have a below-grade parking garage with 36 spaces. "The brick façade and the ribbon windows are currently being installed," according to the project manager for Pro Con Inc. "The interior partitions and mechanical, electrical, and plumbing systems are underway. We are on-schedule for a mid-spring completion." Pro Con Inc. is a full service design and construction management firm specializing in all levels of commercial, industrial, institutional and multi-residential projects. This is one of several Class A Office buildings Pro Con Inc has recently designed and managed including The Bottomline Technologies headquarters at the Pease International Tradeport and Capital Commons, Concord, NH.
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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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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

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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
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