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V O L . X X V I I I N O. I I I F E B R UA R Y 7 , 2 0 2 2 30 C O M M E R C I A L D E V E L O P M E N T F O C U S Lamontagne says he expects the vacancy rate to fall even further in 2022. "e bull run will continue for the foreseeable future." Midcoast Maine played catchup in multifamily development B y J e s s i c a H a l l In central and midcoast Maine, mul- tifamily dwellings also saw strength among buyers, which pushed prices higher in the past year. "COVID flight to isolation is ben- efitting the area" around Augusta, says Frank Carr, senior vice president of Maine Realty Advisors. Waterville and Lewiston-Auburn also are benefitting from that trend, he says. David Holman, a Realtor with RE/MAX Riverside, says the mid- coast towns of Bath, Brunswick and Topsham are seeing growth due to their manageable commuting distance to Portland. Multifamily dwelling also saw a surge in these markets, accord- ing to Holman. "We saw one or two decades of growth in one year," Holman says of the multifamily market. Rents have surged in the midcoast, as well. A one-bedroom apartment in Brunswick that fetched $838 per month in 2018 now goes for about $1,348 a month. "I don't think this rate of growth is good or sustainable," Holman says. Brunswick has benefitted from growth at Brunswick Landing, with more businesses opening there. Holman says job growth in Brunswick was five times that of Maine's overall job growth. Going forward, he expects the mul- tifamily market "will cool down from red hot to very warm" amid interest rate increase and recession fears after the midterm elections. » C O N T I N U E D F RO M P R E V I O U S PA G E Member FDIC When Bryon and Justin Tait of Casco Bay Steel were looking for a new bank, they talked to Bar Harbor Bank & Trust. We took the time to really understand their business, helped create additional borrowing availability, and provided tools to make the accounting operation run smoother — giving them the fl exibility to grow and take on larger projects. To see this and other success stories, go to www.barharbor.bank/success-stories. Call 207-669-6811 today to connect with our Commercial Banking team. www.barharbor.bank Over 50 locations in Maine, New Hampshire & Vermont "They've given us the flexibility to grow and take on larger projects." Justin Tait, Treasurer & CFO Casco Bay Steel '' '' Bryon and Justin Tait of Casco Bay Steel, Daryl Wentworth of Bar Harbor Bank & Trust Everything we do is shaping. From land and relationships to careers and communities. We're here for all your commercial site development needs, in one company, with Maine's most experienced, responsive professionals, and a commitment to your success. CREATIVE ENGINEERING COLLECTIVE LET'S MEET TOGETHER 207.200.2100 SEBAGOTECHNICS.COM • 100% EMPLOYEE-OWNED OFFICES IN SOUTH PORTLAND, FALMOUTH, BRIDGTON & BATH We saw one or two decades of growth in one year. — David Holman RE/MAX Riverside