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W W W. M A I N E B I Z . B I Z 25 F E B R UA R Y 6 , 2 0 2 3 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 which makes it harder for new proj- ects to be profitable. He cited two major Portland proj- ects that are underway that were both approved before the Green New Deal went into effect: Maine's tallest building, 201 Federal St., a Redfern development that will have 263 rental units, and a Port Property apartment building in West Bayside, with 171 units. Outlying markets have been the ben- eficiary, he said. Saco-Biddeford saw the 2022 comple- tion of the Lincoln, with 147 loft apart- ments going for $1,350 to $2,700 a month. Also in Saco-Biddeford, the Levee is expected to open this year, with 96 lofts renting for $1,835 to $2,800 a month. Likewise, Lewiston and Auburn have seen an increase in interest. Last year, on the sale side, Vitalius said there were just 16 active listings, com- pared to 200 listings in 2008. "Bad housing policies in Portland are driving people to other cities," he said. Bullish retail outlook B y R e n e e C o r d e s P eter Harrington, a partner with Malone Commercial Brokers, offered a bullish outlook for the Greater Portland retail market. Dismissing concerns over the last year or two about retail being dead, Harington said, "I'm here to tell you … that's simply not true." Out of 6.6 million square feet of retail space in Greater Portland tracked by his firm, close to 280,000 square feet, or 4.23%, is vacant. Vacancy rates range from zero in Cape Elizabeth (albeit with only 34,735 square feet) to 16.3% in Westbrook, which Harrington attributed to the closure of a Shaw's Supermarket across from Market Basket, "a tough competitor." But he said Westbrook remains strong for retail both downtown and at Rock Row, noting that "it's all going very well out there." 2023 southern maine Industrial Market Survey OUR ANNUAL STUDY AND INVENTORY OF THE INDUSTRIAL REAL ESTATE MARKET IS NOW AVAILABLE. Portland, ME | 207.773.7100 | dunhamgroup.com Additional terms/fees may apply for some services. All applications subject to approval. Lobster fisherman, Eric Beal, has been working with Bar Harbor Bank & Trust since he purchased Marsh Cove Lobster Co. in 1992. As his business has grown and evolved, we've always been there for him. Eric has peace of mind knowing his banker is knowledgeable, local, and able to find a solution. 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. Member FDIC Equal Housing Lender www.barharbor.bank • 888-853-7100 Over 50 locations across northern New England The bank has helped me be a better businessman. '' '' — Eric Beal, Owner, Marsh Cove Lobster Co. Looking to grow your business? We can make it happen. Together. C O N T I N U E D O N F O L L OW I N G PA G E » Many Mainers couldn't afford the home they live in. — Dava Davin Portside Real Estate