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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 32 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 and the southern Maine median sale price reaching $419,000. roughout the state, sale prices were above ask- ing prices. Median sale prices rose 14% in Portland, but 43% in Westbrook, 30% in South Portland and 35% in Lewiston- Auburn, says Vitalius. Prices are expected to keep increas- ing in 2022, but perhaps at a more modest pace of 7% to 10%, says Dava Davin, founder of Portside Real Estate Group. Out-of-state demand will level off, but not disappear, she added. She also expects more growth in rural areas as people get priced out of key markets. "People will drive until they can afford it," Davin says. Bangor spaces are filling up, but there's capacity B y P e t e r V a n A l l e n Tanya Emery, economic development director for the city of Bangor, says the real estate market in that area has shown strong signs of growth in the past year. e office sector is rebounding, retailers and restaurants showed sta- bility and demand for industrial space has been strong. Of office space, half of the vacancy is tied up in one building, which University of Maine System offices formerly occupied. On the flip side, 396 Griffin St., which was nearly empty in early 2021, has nearly filled its 45,000 square feet of office space. Significant sales last year include New York developer Dash Davidson buying 2 Hammond St. and 30 State St. downtown. Elsewhere down- town, the former Saliba's Rug build- ing was acquired by Robert Ervin, an architect. e Waterfront Concert venue had its lease extended through 2032, and in turn invested $7 million on upgrades. On the retail and restaurant front, new restaurants include the vegan venue Little Gem and Smoke & Steel BBQ. New retailers include Bob's Discount Furniture near the mall. In addition, Emery noted, Husson University completed its College of Business building, Harold Alfond Hall. To address a "critical need" for housing, two significant properties opened: Newton Place, with 40 units of senior housing, and the Schoolhouse Apartments, with 66 units. "We still need middle market hous- ing," Emery added. Industrial space is also in demand. e vacancy rate is 1%. "We are missing opportunities," she says. "We simply do not have the space." To accommodate demand for industrial and flex space, the city has adjusted zoning to allow for some light manufacturing and warehouse space in shopping areas. e zoning change could open up possibilities for the Bangor Mall's long-vacant Sears space, which is 92,000 square feet. Overall, there is land available for industrial development and housing. » C O N T I N U E D F RO M P R E V I O U S PA G E Valued Partner Trusted Employer Sophis cated Technology. Innovated Approach. Extraordinary Resources. 855.500.IESC www.iesc1.com Visit our website to explore exci ng career opportuni es at Interstate. Value-Add For Your Projects - Electrical Construc on - Design Build Engineering - BIM Coordina on - Extensive Prefabrica on - Smart Material Placement - 3D Project Coordina on ONE MERCHANTS PLAZA—BANGOR, ME www.bowmanconstructors.com 207.368.2405 F I L E P H O T O / JA S O N PA I G E S M I T H Tanya Emery, economic development director for the city of Bangor, says the city has revised zoning in some areas to encourage redevelopment

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