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W W W. M A I N E B I Z . B I Z 23 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 Main Street momentum Garvan Donegan, Central Maine Growth Council, director of planning, innovation and economic development "e trend of returning to Main Street is expected to continue, with Waterville playing a prominent role in the revital- ization of its downtown. We anticipate increased investments with a focus on place-based initiatives, the creative economy, business attraction, mixed-use developments and entrepreneurship. Public-private partnerships for larger- scale projects that target downtowns, community benefit and workforce and market rate housing needs are also esti- mated to see growth." 'Innovation hubs' and entrepreneurial support "Economic development strategies in Waterville and mid-Maine will con- tinue to prioritize the establishment of innovation hubs and entrepreneurial ecosystems, as state and regional aca- demic institutions bolster the knowl- edge economy and provide foundational infrastructure that de-risks supportive development opportunities and drives the construction of new facilities and associated programming. From office buildings to residences Jessica Estes, Boulos Co., president "Older downtown office buildings will continue to be converted to residential, especially on the upper floors. Office vacancy will increase in the suburbs but will remain fairly stable downtown. We won't see major new office or residen- tial buildings proposed in Portland until regulations are loosened, interest rates decrease, or both." Greater Portland outlook "Towns such as Westbrook, Falmouth and Scarborough will continue to be the beneficiary of Portland's strict ordi- nances, and housing will be constructed in those communities versus Portland." Making space for light industrial use Justin Lamontagne, Dunham Group, partner and designated broker "An interesting trend we're identifying and tracking is the repositioning of office space into light industrial and storage. No sector was hit harder by the pandemic than the office mar- ket, particularly in suburban settings. ere are huge swaths of open office space sitting empty. So savvy land- lords and brokers are now consider- ing alternative uses that don't conflict with neighboring businesses and/or zoning compliance. I have two light manufacturer clients who are pursu- ing first-floor office space as perma- nent homes for their businesses. e grade-level access, abundant park- ing, interior temperature controls and natural light actually translate to extremely viable light manufacturing work environments. Couple the need to fill office vacancies with the histori- cally tight industrial market inventory, and there could be real win-wins with this trend." R e n e e C o r d e s , M a i n e b i z s e n i o r w r i t e r, c a n b e r e a c h e d a t r c o r d e s @ m a i n e b i z . b i z a n d @ r s c o r d e s Patrons Oxford Insurance Company - PO Box 3820, Portland, ME 04104 Tel: 1.800.442.6071 Fax: 207.783.7507 www.patrons.com P R O P E R T Y G E N E R A L L I A B I L I T Y I N L A N D M A R I N E H I R E D / N O N - O W N E D A U T O U M B R E L L A E M P L O Y M E N T P R A C T I C E S Personal Lines Commercial Lines H O M E A U T O B O A T S N O W M O B I L E T R A C T O R U M B R E L L A For all the th˜«' you value. PaÈrons O x f o r d I N S U R A N C E CONSTRUCTION MATERIALS TESTING AND INSPECTIONS • Soils, asphalt, concrete, masonry, fireproofing, and steel: Reduce potential delays, defects, unexpected costs, and repeated maintenance. ENVIRONMENTAL CONSULTING • Groundwater, landfills and tank removal monitoring GEOTECHNICAL ENGINEERING AND EXPLORATIONS • You see what's on top, we'll show you what's below. SUCCESSFUL PROJECTS START FROM THE GROUND UP RWGILLESPIE.COM / INFO@RWG-A.COM BIDDEFORD, ME 207-286-8008 • NH 603-427-0244 • MA 508-623-0101 F I L E P H O T O / T I M G R E E N WAY F I L E P H O T O P H O T O / C O U R T E S Y O F T H E BO U L O S C O.

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