Mainebiz

V I E W P O I N T S W W W. M A I N E B I Z . B I Z 3 F E B R UA R Y 6 , 2 0 2 3 From the Editor M aine's real estate market has had a wild few years and this year, even with all the challenges, looks like the momentum will con- tinue in places. As we heard at the recent MEREDA Real Estate Forecast Conference and the Mainebiz "5 on the Future" panel, there's a lot of con- struction work still in the pipeline. Portland has more than 350 apartments under construc- tion with two major projects and we're hear- ing from many contractors that they have work booked well into 2024. Projects are still taking shape. Industrial real estate is still in demand, with very low vacancy rates. ere's more vacant office space, but there's also talk of converting some office space to residential use and even light-industrial use. All of this will be tempered by higher inter- est rates, continued volatility in the cost of con- struction and materials, labor shortages and the threat of another recession. One of the areas that has seen a burst of development activity is Lewiston. For our cover story, Laurie Schreiber reports on new com- mercial, retail and residential development. See "Lewiston levels up," which starts on Page 14. For a roundup of voices around the state, Renee Cordes talks to mayors and economic development officials from Lewiston, Auburn, Westbrook, Augusta and Bangor about what they see happening in the real estate realm. See "Word on the street," which starts on Page 20. Back to MEREDA: the Mainebiz staff banded together to cover the all-day conference. A full report, "Mixed preview of 2023 offered at MEREDA conference," starts on Page 24. Our list in this issue is Maine's largest com- mercial property sales, on Page 34. Peter Van Allen pvanallen@mainebiz.biz Featured @ Mainebiz.biz For a daily digest of Maine's top business news, sign up for the Mainebiz Daily Report at mainebiz.biz/enews Get Maine's business news daily at mainebiz.biz. Below is our top content from Jan. 17–31. 1. Maine's 2022 top 10 'hottest towns' for home sales reflect booming market 2. Two Maine towns make Tripadvisor list of 15 'trending' US destinations 3. Stirring the pot: Portland sees a wave of new restaurants and expansions 4. New president of Maine's oldest bank is longtime lending leader 5. L.L.Bean will invest $50M to revamp Freeport store and campus 6. A former Maine Veterans' Homes site in Augusta will become home to arts academy 7. Maine James Beard Awards semifinalists span from Portland to Piscataquis County 8. Roux Institute pulls plug on Techstars startup accelerator 9. Lewiston's tallest building planned for residential redevelopment 10. From brew to Roux: Maine Brewers' Guild chief leaving to pursue higher education When it comes to your real estate project, we'll keep you on track. bernsteinshur.com Be real. BE SHUR. Get to know us. We're the Real Estate Team at Bernstein Shur. Trusted advisors and advocates in all aspects of commercial real estate ownership, leasing, development, and financing. Commercial development faces challenges, but endures Even with an uncertain economy, there's a lot of construction work still in the pipeline. Projects are still taking shape.

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