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W W W. M A I N E B I Z . B I Z 15 F E B R UA R Y 6 , 2 0 1 7 F O C U S G R E AT E R P O R T L A N D THERE IS THERE IS A DIFFERENCE A DIFFERENCE THERE IS THERE IS Because Construction Management Design/Build General Contracting Engineering Construction Management Design/Build General Contracting Engineering Sheridan Sheridan Construction Construction www.sheridancorp.com www.sheridancorp.com Fairfield Fairfield Portland 207-453-9311 207-453-9311 207-774-6138 Black Dinah Chocolatiers, Westbrook ME Vacancy rates remain low, but don't have much room to drop Lease rates should remain stable, but after rising over the past few years, they should moderate The fi rst new major retail center in Greater Portland in years is expected to break ground in Westbrook After an active 2016 in shopping center and retail building sales 2017 is expected to be slower Continued drop in vacancy rates Increased lease rates and sale prices Inhibiting impact on conventional end-user businesses Investors struggled to fi nd inventory in 2016 Buyer motivation continues to push prices up, although not as fast as the previous year Total direct vacancy for 2016 is 6.17% Limited options for larger tenants (10,000+) in downtown and subur- ban markets, especially Class A Drop in vacancy rates is expected to continue Lease rates are expected to con- tinue to gradually climb S O U R C E : Justin Lamontagne, NAI The Dunham Group; Peter Harrington, Malone Commercial Brokers; Nate Stevens, CBRE|The Boulos Co.; Brit Vitalius, Vitalius Real Estate Group S O U R C E : Portland Regional Chamber of Commerce 2016 Annual Report, Wikipedia, U.S. Census Bureau POPULATION AND AREA Population Area Portland 66,881 21.31 sq. mi. land 48.13 sq. mi. water South Portland 25,255 13 sq. mi. Westbrook 17,494 17.2 sq. mi. Falmouth 11,200 32 sq. mi. T he Portland metropolitan area is home to over half a million people, more than one-third Maine's total population. Portland, Maine's largest city, has seen signifi cant transformation in recent years along its waterfront and its streets. Bordering municipalities are South Portland, Westbrook and Falmouth. All are see- ing signifi cant real estate activity in all commercial and residential sectors. Here's a thumbnail look. S TA R T I N G O N F O L L OW I N G PA G E ยป Real estate professionals tracked trends throughout 2016 in the various markets and made predictions for 2017. Here are some of their fi ndings, as presented at the Maine Real Estate & Development Association's annual forecast conference: INDUSTRIAL PROPERTY R E TA I L P RO P E R T Y O F F I C E P RO P E R T Y C O M M E R C I A L M U LT I - FA M I LY Real estate trends 0% 2% 4% 6% 8% 10% 12% 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 0% 1% 2% 3% 4% 5% So. Portland Scarborough Gorham Biddeford Portland Saco Westbrook 0.5% 0.6% 1.0% 1.3% 3.7% 4.4% 4.8% Industrial vacancy rates by city/town S O U R C E : Peter Harrington, Malone Commercial Brokers Greater Portland retail vacancy rates S O U R C E : Justin LaMontagne, NAI the Dunham Group T