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V O L . X X V I N O. V I I I A P R I L 2 0 , 2 0 2 0 16 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G T he commercial and residential real estate markets have been hot over the past year. Investors and owner-occupants have gone after new opportunities from southern Maine to Bangor and beyond. Top prices have topped $20 million. Home sales trended ever upward in vol- ume and price. Now the effects of the pandemic and stock market turmoil are already being seen. Deals in the works before the emergency are still largely moving forward, according to brokers. But new inquiries are a mixed bag. "People are laying low," says Tom Moulton, a partner at NAI e Dunham Group in Portland. Among his recent deals, Moulton helped broker one of the year's larger transactions, Atlantic Federal Credit Union's $18.1 million purchase of a Class A office building in South Portland, which finalized in early February. Since then, most deals he was work- ing on before the shutdown are still moving forward. "People are trying to focus on the big picture, not worry about minor consid- erations: Just get the deal done," he says. "But I don't see a lot of new tenants or new buyers actively looking at the mar- ket. One deal that I was starting to work on basically got put on hold indefinitely, and might or might not ever come to fruition. People are very cautious about what the future holds." Electronic meetings In her March 24 emergency declaration, Gov. Janet Mills included real estate as an "essential business." (e city of Portland has not followed suit.) e industry is still working, although primarily from home. "While real estate is still deemed 'essential,' we are taking the state and local municipal orders and public health advisories seriously," says Chris Paszyc, a broker and partner with the Boulos Co. in Portland. "As a company, we have closed the physical office, and are now communicating virtually. Zoom, Slack, email, telephone, Facetime, Microsoft Meetings, social media — all electronic mediums are being utilized amongst my colleagues to share information and make decisions. We are no longer conducting face-to-face meetings or property tours with clients." As an alternative, he says, the company is arranging for non-occupied properties to be opened if it is absolutely essential. "If the property is occupied, we are asking the tenant or buyer to tour virtu- ally via Facetime or Zoom, or to wait until restrictions are lifted and risks of disease spread subside," he says. "Our client's, employee's and general public's health is of the utmost importance right now." P H O T O / T I M G R E E N WAY F O C U S New real estate inquiries are slowing, New real estate inquiries are slowing, says says NAI The Dunham Group NAI The Dunham Group partner partner Tom Tom Moulton Moulton. Shortly before the COVID-19 . Shortly before the COVID-19 emergency, he was one of the brokers on emergency, he was one of the brokers on the $18.1 million transaction of the $18.1 million transaction of 600 Sable 600 Sable Oaks Drive Oaks Drive in South Portland, seen here. in South Portland, seen here. National survey A National Association of Realtors survey shows the springtime residential and commercial market is slowing, but brokers hope for a post-pandemic rebound. 90% of members cited declining homebuyer interest; 80% cited declining numbers of homes on the market. 46% of property managers and 27% of individual landlords are accommodating tenants who cannot pay rent. Technology is key as the industry adapts to virtual deals. Tools includes e-signatures, social media, messag- ing apps, virtual tours. 90% 46% 80% 27% REALITIES R E A L E S TAT E Many deals in the works pre-pandemic move forward, but the future is uncertain B y L a u r i e S c h r e i b e r

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