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V O L . X X X N O. I JA N UA R Y 8 , 2 0 2 4 22 E C O N O M I C F O R E C A S T F O C U S AQ U AC U LT U R E An economic 'bright spot' with growing demand B y L a u r i e S c h r e i b e r D emand for Maine aquaculture products, like other Maine-sourced seafoods, has remained strong despite escalating prices that have caused a slump in other regions, says Sebastian Belle, executive director of the Maine Aquaculture Association. "In Maine, we haven't seen any impacts on the price point and, in fact, demand is stronger than ever for Maine product than it was couple of years ago," Belle says. "I think that means the Maine brand really is worth something in the marketplace." ere's been steady growth in shellfish and seaweed farming and in value-added product development in the seaweed sector; and growing interest from com- mercial fishermen or their children who see aquaculture as a way to diversify their economic base and to hedge risks associated fishery limitations or climate change. at's seen in growing enroll- ment in the association's "Aquaculture in Shared Waters" training program, which had over 100 students last year — triple the previous highest enrollment. Roughly 65% of the 350 students over the course's two decades have started a farm. Based on demand, the association will offer a women-only course this win- ter. e course has a long waiting list — another indication of strong interest. Backing that up, the Department of Marine Resources, the industry's regulator, now has enough staff to more quickly work through a multi-year back- log of lease applications. "We're cautiously optimistic," says Belle. For 2024, "We feel that Maine's aquaculture products, and seafood products in general, are in a pretty strong place in the market," he continues. "I think that will continue." e industry's growth over the past 20 years has been slow but steady at 2% to 2.5% per year — and possibly the only marine resource that's grow- ing at all, compared with other sectors that are flat or contracting. "Aquaculture is really a bright spot," says Belle. C O M M E R C I A L R E A L E S TAT E Office market: After a pandemic slump, demand is returning B y L a u r i e S c h r e i b e r B ecause of long-term leases in place with the pandemic's onset, the event's full effects on the office market are yet to be realized. And, as a smaller market, Greater Portland is somewhat insulated from major eco- nomic influences. But the market, in general, is faring better than many larger metropoli- tan areas, which has historically been the case, said Nate Stevens, a partner at the Boulos Co., a commercial real estate brokerage in Portland. Demand increased through 2023 — a good sign moving into the new year, he added. And new supply is coming into the pipeline, mostly in the form of sub- leases turning over to direct vacancies. "My opinion is that most office users are now more comfortable with how their company is utilizing their office, providing them with the opportunity to relocate, something they may have been wanting to do for a while now but haven't been able to," Stevens said. Stevens noted that one client has committed to a new five-year lease for a larger space. Another indicated interest in constructing a new office building. "is is really the first time I've heard this since the pandemic," he said. Some office space — typically older downtown Class B office buildings and occasionally Class A buildings, has been converted to residential, hospitality, edu- cation and light warehousing. "is is a trend that started prior to the pandemic but was certainly exacer- bated by the strong demand for down- town housing and the lack of supply post pandemic," Stevens said. Predictions are tricky for the region's smaller market — one big deal or vacancy can shift the numbers quickly. "at said, I think there is more market confidence than there has been in four years, which will make for more stability over the next 12 to 24 months, he said. MEETING OUR DEMAND www.biddefordmaine.org Image Courtesy of Reveler Development 1,690 new housing units projected here within 5 years 16% increase » C O N T I N U E D F RO M P R E V I O U S PA G E P ROV I D E D P H O T O P ROV I D E D P H O T O Sebastian Belle, executive director of the Maine Aquaculture Association, says more people than ever are interested in joining the aquaculture industry. Nate Stevens, a partner at the Boulos Co., says there is more confidence in the office market, making for more stability over the next 12 to 24 months. The Maine brand really is worth something in the marketplace. — Sebastian Belle Maine Aquaculture Association

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