Maine, local, commercial, real estate, economy, business
PORTLAND, Maine – If you don’t own it or invest in it, you have no reason to pay too much attention to the condition of any commercial property. Whether an industrial warehouse is full or empty doesn’t matter in your life, does it?
OK, you probably don’t care about industrial bearings – but we all have an interest in the health of the commercial real estate market because we are drawn to cities that are vibrant and full of activity. The last thing we want to see when we go to Bangor, Portland or Biddeford is empty buildings and empty shop windows. They suck the life out of the city centers.
How is Maine’s commercial property market doing as the pandemic drags on and workers stay at home? “This is going to be my fourth recession,” said Greg Boulos, who has worked in commercial real estate with Boulos Company in Portland since 1983 and has seen more than a few booms and busts. “So far it’s not that bad.”
This is not a one-size-fits-all solution for all markets. Some sectors are falling while others are rising. Boulos goes through the list. “Industrial space – high demand. Very, very healthy market, ”he says. “Selling investment property – high demand. Lots of buyers, lots of out of state buyers. Hotels? Not as much. You have a hard time. Salesroom? Obviously everyone knows that this is a tough market segment. “
One bright spot is that significant numbers of people from Boston, New York, and Connecticut are looking to rent or buy Maine and work from home. “It will inevitably lead to businesses starting up in Maine, which will benefit all of us,” says Boulos. “I think Maine will actually come out much better than many other places.”