Mainebiz

W W W. M A I N E B I Z . B I Z 29 F E B R UA R Y 7 , 2 0 2 2 F O C U S C O M M E R C I A L D E V E L O P M E N T former Pier 1 site and 42,000 square feet in the former H&M and Forever 21 clothing stores. e 113,111-square- foot Sears building, which is not part of the Maine Mall, is also empty and available for sale at a listed price of $11 million. While it may take a while to find a buyer, Harrington says he wouldn't be surprised if a big retailer like Costco takes it in the next couple of years. "Will it sit there forever? I don't think so." On the whole this year, "the future for greater Portland and the southern Maine retail market is bright," Harrington says. Maine's pluses and attraction as a place to live and visit outweigh challenges such as online shopping, inflation and a lack of labor, he says. "All in all, I think it'll be a solid 2022." Southern Maine industrial space will continue 'bull run' B y J e s s i c a H a l l e southern Maine industrial market had very few COVID-related hiccups because many industrial businesses were deemed "essential" during the pandemic, says Justin Lamontagne, a designated broker with the Dunham Group. Warehouse space continues to be tight as online buying has created a need for storage space for deliveries. Meanwhile, the cannabis industry con- tinues to grab industrial space, and they are deep-pocketed customers. "ere's no amount of price they won't pay," says Lamontagne. "It's cre- ated a stifling vacancy rate." e vacancy rate in the industrial sector is 1.69%, compared with a national average of 4% to 5% percent, noted Sam LeGeyt with the Dunham Group. "ere was dramatically esca- lating pricing in sales and leases," Lamontagne says. "We are mired in a supply and demand imbalance. Landlords have all the leverage and can be selective." Member FDIC Connect by calling 207-808-4485 or meet the team at www.nbtbank.com/me Maine Regional Headquarters 5 Widgery Wharf, 3rd Floor | Portland, ME 04101 At NBT Bank, we're focused on what matters. Our goal is to help you reach yours. If you're looking to create a strong partnership with your bank, we're ready to create real opportunity that makes banking easier and maximizes your potential for success. We have the team, tools, and solutions you need for management and growth—whether it's personal or business. Trust your goals to the right team. Trust your goals to the right team: Kimberly Twitchell, SVP Regional President Jeremy Deering, SVP Regional Commercial Banking Manager Mark Schaub, VP Senior Commercial Banking Relationship Manager Amy Taylor, VP Treasury Management Commercial Product Manager Wayne Morphew, AVP Senior Business Banking Officer Ashley Gagnon Branch Manager Expert Guidance and Digital Resources Local Perspective and Decision Making Capital and Treasury Management Solutions C O N T I N U E D O N F O L L OW I N G PA G E » There's no amount of price [the cannabis industry] won't pay. It's created a stifling vacancy rate. — Justin Lamontagne Dunham Group

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