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V O L . X X X N O. I I I F E B R UA R Y 5 , 2 0 2 4 24 C O M M E R C I A L D E V E L O P M E N T F O C U S Retail: "e retail market is hot for small suites, but larger footprints will continue to linger and dark box stores will be dif- ficult to fill without creative reuses." Housing: ere are several proposed housing developments for various types of products — apartments, condos and single-family homes throughout Cumberland and York counties and serving various income levels. Will the NIMBY reaction continue to prevent these communities from being built, or will there be additional state legislation similar to LD 2003 that enforces towns to allow more construction? Lingering industrial space crunch Justin Lamontagne, partner and designated broker at the Dunham Group "We are facing a historically low inventory of light and heavy industrial space in Greater Portland … e bright side is that demand remains steady and indus- trial businesses continue to thrive and grow in Southern Maine. Most of my clients say that if they could grow, they would. at's a positive. e barrier to that growth, unfortunately, is simply this seemingly never-ending space crunch." 'Liberated work' is catching on Lisa Whited, author of "Work Better. Save the Planet: The Earth-First Workplace is Good for People, Great for Business" "Maine employers will embrace liber- ated work, giving employees flexibility and choice regard- ing how they get their work done — focusing on work outcomes instead of physical presence. is liberated approach to working will also help organizations meet their envi- ronmental, social and governance and diversity, equity, inclusion and belonging goals because they will be using their physical resources more efficiently while recognizing that liberated work increases employment for disabled people and minorities, ultimately positively impact- ing productivity and profitability." Bullish on Maine and the apartment market Craig Young, president of MEREDA and partner-broker at the Boulos Co. "I am bullish on the Maine economy as we go into the second half of 2024. e COVID pandemic seems largely behind us. e office market, which has been the slowest of the commercial sectors, is enjoying renewed growth as office workers are returning to build- ings, particularly smaller and midsize companies. We expect that interest rates to come down a bit which will spur continued investment and development in Maine. Investment properties in all sectors will continue to be in strong demand. As long as population growth in Maine remain stable or growing, the apartment market will continue to grow with new developments in Portland and throughout the state. We should also begin to see federal investment in Maine from the $2.5 billion Bipartisan Infrastructure Bill that was passed last year. All in all, I am bullish on Maine and believe Maine is well-positioned for continued growth." Hospitality's hustle and bustle Keith Luke, Augusta economic development director "In 2024 I expect to see the hospitality industry continue to take a leading role in economic development, with new investments in restaurants, hotels and related amenities, and not just in Portland. Don't be surprised to see more award- winning restaurants in far-flung places across the state, and additional growth in markets like Rangeley with Saddleback Mountain. Augusta is well-positioned as a jumping-off point to these destinations in every direction, whether it's Freedom, Monson, Rangeley, Carrabasset Valley or points Downeast." Mixed-use developments in walkable areas Garvan Donegan, director of planning, innovation and economic development at Central Maine Growth Council "Within the context of Maine's com- mercial develop- ment landscape, I anticipate a notable strength in mixed- use developments, integrating diverse spaces within walk- able areas. is trend is also poised to be propelled by meticulously planned projects that may have been on the sidelines for the past two to four years. A salient challenge will lie in the continued decrease in demand for mid- to large-square footage commer- cial office spaces. Businesses are adapting to ongoing trends in the shifting dynam- ics of workspace requirements, placing emphasis on the imperative for innova- tive solutions to align with evolving labor economics and talent pools." » C O N T I N U E D F RO M P R E V I O U S PA G E C O U N S E L O R S A T L A W Your Corporate Journey, Our Expertise • Business Formation & Structuring • Contracts & Agreements • Commercial Transactions • Corporate Governance • Mergers & Acquisitions • Intellectual Property • Succession Planning More than attorneys, we're your neighbors. Our strategic legal solutions have shaped Maine businesses for over a century, guiding them from formation to succession. Partner with us for a legal journey that transcends generations. Your business legacy begins with Rudman Winchell. r u d m a n w i n c h e l l . c o m BANGOR 84 Harlow Street • (207) 947.4501 ELLSWORTH 140 High Street • (207) 374.5833 The retail market is hot for small suites, but larger footprints will continue to linger and dark box stores will be difficult to fill without creative reuses. — Jessica Estes Boulos Co. Maine employers will embrace liberated work, giving employees flexibility and choice regarding how they get their work done — focusing on work outcomes instead of physical presence. — Lisa Whited Author and consultant 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 / T I M G R E E N WAY F I L E P H O T O / T I M G R E E N WAY P ROV I D E D P H O T O P ROV I D E D P H O T O

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