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W W W. M A I N E B I Z . B I Z 13 F E B R UA R Y 6 , 2 0 2 3 FOCU S COMMERCIAL DE VELOPMENT INFOGR APHIC REDUCE OPERATING COSTS AND INCREASE COMFORT BY UPGRADING TO A HIGH-EFFICIENCY HEATING SYSTEM FOR MORE INFORMATION, VISIT EFFICIENCYMAINE.COM OR EMAIL CIP@EFFICIENCYMAINE.COM Incentives available for high-performance heat pumps, variable refrigerant flow systems (VRFs) and other heating systems. Location Total Area Vacancy % Vacant % of total Cape Elizabeth 34,735 SF 0 SF 0% 0% Falmouth 557,502 SF 4,998 SF 0.90% 8.44% Portland 1,326,110 SF 36,959 SF 2.80% 20.08% Scarborough 1,377,466 SF 13,574 SF 1.00% 20.86% South Portland 2,872,007 SF 152,620 SF 5.30% 43.49% Westbrook 435,906 SF 71,005 SF 16.30% 6.60% TOTALS 6,603,726 SF 279,156 SF 4.23% 100% Total of market size: 20,879,791 ft 2 Direct vacancy: 370,427 ft 2 Total vacancy rate: 1.77% S O U R C E : Malone Commercial Brokers S O U R C E : The Dunham Group, New England Commercial Property Exchange S O U R C E : Malone Commercial Brokers S O U R C E : The Boulos Co. VACANCY RATE BY CITY SOUTHERN MAINE INDUSTRIAL MARKET GREATER PORTLAND OFFICE MARKET RETAIL VACANCY RATES, GREATER PORTLAND VS. NATIONAL AVG. he Maine Real Estate and Development Association's (MEREDA) annual fore- cast conference and member showcase covered much ground and offered mixed reviews of the real estate market for the year. Peter Harrington, a partner with Malone Commercial Brokers, predicted another strong year for retail but pointed to rising interest rates and consumer sentiment as risk factors. Nate Stevens, a partner and designated broker with the Boulos Co., said this year's predictions are similar to last year. According to Stevens, "we still haven't seen this post-pandemic world." T Total vacancy Historical direct vacancy 799,076 ft 2 6.38% 9.14% Sublease vacancy 2.71% 345,463 ft 2 1,144,539 ft 2 Total number of buildings: 684 4% 2% 0% 6% 8% 10% 16% 18% 20% 12% 14% 2014 2015 2016 2017 2018 2019 2020 2021 2022 9.7% 4.3% 4.23% 3.68% National Greater Potland

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