Mainebiz

V O L . X X X I N O. I I I F E B R UA R Y 1 0 , 2 0 2 5 22 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 a reality. In 2024, I represented the Cavalry Church in their challenging search for 10,000 to 15,000 square feet of congregational space. We success- fully repurposed a long-vacant call center in Westbrook, and the church is now open and thriving. In South Portland, the owners of Jetport Plaza have committed to transforming 20,000 square feet of the former Burlington Coat Factory retail space. We are marketing the rear portion, equipped with loading docks, as warehousing and distribu- tion space, while the front-facing area will remain retail, reconfigured into smaller, more leasable units. ese projects highlight excellent opportunities for landlords to diversify their portfolios and breathe new life into tired, vacant commercial properties. Office sector opportunities Jon Rizzo, Boulos Co. partner and broker With increased office tenant activ- ity, opportunities in the office sector seem promising. In Greater Portland, we saw office buildings con- verted to housing, reflecting a broader trend but with a local twist, but tradi- tional office leasing may have started to find its 'new normal' as businesses embrace hybrid models. Midcoast growth prospects Roy Donnelly, Boulos Co. associate broker Maine's midcoast region has long been a residential hub, but there have been changing tides for com- mercial property post-COVID … As 2025 begins, the region's commer- cial real estate market may face bid-ask discrepancies as expectations continue to evolve, but its appeal to affluent resi- dents, affordable housing growth and supply-constrained commercial real estate signal sustainable growth ahead. Hospitality market shift Marieke Thormann, Fathom Cos. vice president of business development Hospitality development will continue to grow across Maine as it remains a pillar of economic develop- ment. In addition to the growth, the style of hospitality throughout the state is shifting to support the demand for a more elevated and unique experience. is demand is driving developers to be more creative in not only the design, location and amenities of the properties but also creative in the financing structures to make the developments viable. is shift in the hospitality market ranges from integrating wellness experiences to restoring a castle into an inn to glamping yurts nestled in the woods to urban historic rehabilitation. Mission-driven workplaces Lisa Whited, Portland-based author, speaker and consultant In 2025, Maine business leaders will continue to do what they do best: ink indepen- dently and stay true to their values. Rather than being swayed by fleeting trends, headlines or outside pressures, they will double down on their organizational vision and mission. By actively listening to employ- ees and fostering innovation, they will shape workplaces that not only support productivity but also spark creative thinking, nurture intentional connections and celebrate differences as a strength. Design Build - General Contracting - Construction Management - Engineering BUILDING ON OUR PROMISE WWW.SHERIDANCORP.COM Hammond Lumber Belgrade, Me This exciting Project includes the addition of a new Planer Mill, Shavings Building, and Dry Storage Building, totaling over 37,400 square feet of new production/storage space. These state-of-the-art facilities are designed to enhance production capacity and provide valuable new resources, supporting the growth and success of Hammond Lumber in Belgrade. Hammond Lumber has selected Sheridan Construction on the revitalization of their Belgrade Campus. MEMBER FDIC EQUAL HOUSING LENDER KatahdinTrust.com To find one of our 16 banking locations, visit: All loans subject to credit approval Quick Local Simple Your Partner in Business Construction Loans Miranda Bragan | Owner, Legacy Ranch and Event Center » C O N T I N U E D F RO M P R E V I O U S PA G E The long-anticipated trend of converting underutilized office and retail spaces into mixed-use and light industrial facilities is now a reality. — Justin Lamontagne the Dunham Group Roy Donnelly Lisa Whited Marieke Thormann Jon Rizzo

• Cover