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V O L . X X I I N O. X X V I I I D E C E M B E R 1 2 , 2 0 1 6 12 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E Study: Telecommuting boosts potential of residential market P O R T L A N D — Low interest rates, urban accessibility and confidence in the market continue to fuel the real estate market in coastal New England, including Portland, accord- ing to a new report. The 2016 Fall Market Trends Report, released Oct. 12 by RE/MAX INTEGRA New England, says that rapid growth in single-family home and condo sales throughout Portland, Boston, Providence, R.I., and Portsmouth, N.H., is fueling expansion to surrounding markets. Other findings in the report: Low inventory and strong demand are driving residential prices to an unprecedented high Overflow is creating demand in suburban communities First-time buyers, millennials and empty-nesters make up the majority of the market Millennials are attracted to booming economic opportunity available in major New England cities. As baby boomers age and children move out, they are looking to downsize and move back into cities where walkability and urban living is more appealing. In greater Portland, the median price point has increased by at least 3% across surveyed communities. Falmouth and Westbrook have experienced an increase in median price by over 15% year over year. Derrick Buckspan, a Maine broker/owner with the agency, said telecommuting is boosting this trend. The ability to work remotely has attracted a large number of middle-aged buyers to the Portland area drawn to living in the city center. At the same time, he said, demand has caused a swell into surrounding markets like Falmouth. "We're seeing a steady increase in people's abil- ity to maintain jobs in greater New England and are choosing Portland in particular for quality-of- life reasons," Buckspan said. "Folks who are able to telecommute can be in Boston or New York a couple of days a week and in Portland the rest of the time." Among buyers, many baby boomers tend to be downsizing and are looking to be closer to the conveniences of a downtown. "Boomers are right-sizing, and they're paying a premium for quality new construction," he said. Buying the boomers' suburban homes is Generation X, the "move-up buyers," said Buckspan. "They usually ready to sell their first house and move up and buy more square footage. So there's a sweet spot for them with the boomers downsizing." On the flip side, millennials are also coming into the market. National demographics for 2015 show that half of home sales were first-time buyers, Buckspan said. — L a u r i e S c h r e i b e r in 2013. "Drones are among the most important technological advances in remote sensing and GIS," Chunzeng Wang, a geology professor and head of the GIS lab at the university, told the BDN. e exercise is of a piece with UMaine's drone initiatives. In October, UMaine/Augusta began offering Maine's first university-level unmanned aerial vehicle (drone) course. N O T E W O R T H Y N O R T H E R N & E A S T E R N U.S. Cellular built a new cell site in Harmony. The site will increase coverage in the towns of Harmony, Cambridge and Wellington. The U.S. Economic Development Administration has awarded a $500,000 economic recovery assistance grant to Eastern Maine Development Corp. It will be used to establish a plan to sup- port redevelopment and revitalization in eastern Maine and to provide as- sistance to businesses that have been affected by the closure of manufactur- ing plants. EMDC is based in Bangor and serves Hancock, Penobscot and Piscataquis counties as well as por- tions of Waldo County. AVAIL ABLE SPACES: 1st floor: 2,434 SF 2nd floor: 10,754 SF 3rd floor: 5,374 SF Class A office space under construction in historic neighbor hood. Excellent parking and location. Retail and office space available. New construction in the Old Port www.Harborviewproperties.com Call for a tour and imagine your business here. 207.504.4953 Loren Ayer LAyer@harborviewproperties.com "[this] riverfront hotel puts all of L/A within footsteps" — The Boston Globe • 4,500 sq ft of divisible meeting space • 10–12ft ceilings • Group rates available • Event Planner Points 14 Great Falls Plaza • Auburn, ME 04210 ( PH ) 207-784-4433 • (FX) 207-777-9021 AuburnRiverWatch.HGI.com P H O T O / C O U R T E S Y R E / M A X S H O R E L I N E The coastal New England real estate market is hot, as exemplified by this property on Munjoy Hill in Portland. Unit 1 at 33 Lafayette St. took just two weeks to sell, for $360,000.

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