Roger Dieker, Partner “Build it and they will come.”  The line made famous by Kevin Costner’s 1989 classic film, Field of Dreams, is finding new relevance in the post pandemic commercial real estate world.  The demand for industrial warehouse space is driving rents 40% higher in 2022 than the 2019 pre-pandemic rates.  As a result of the sustained imbalance between … Continue reading Build It and They Will Come

Maine’s 2022 Capital Markets Outlook: GENERAL TRENDS  In last year’s Market Outlook, we stated that given the savory ingredients of abundant liquidity, low cost of capital, wider yield spreads, and rebounding asset value appreciation, we expected investor appetites to acquire more commercial real estate (CRE) in 2021 to return to the insatiable pre-COVID levels, albeit with some sectors faring better … Continue reading Capital Markets Overview

March 2022 Maine Industrial Market Update: In the first quarter of 2022, Maine’s industrial market has, by and large, played out as most have expected. Out-of-state investment in the industrial market (and in Maine’s CRE markets in general) continues to grow, as lease rates trend closer to double digits in Greater Portland and the Lewiston/Auburn market. Vacancy rates continue to … Continue reading Industrial Market Outlook

Maine’s economy has been unsettled over the past 20 months, much like the rest of the United States. But unlike the rest of the country, Maine, and more specifically, Cumberland and York Counties, have unique challenges and opportunities. Coming economic shifts will impact commercial real estate, as the built environment adapts to changes in how we live, work, and play. … Continue reading Southern Maine CRE Predictions

Augusta Market Update After a bumpy 2020, the second half of 2021 has seen a revived interest in the Augusta office market. In October, the Maine Department of Inland Fisheries and Wildlife (IFW) leased 43,000± SF of Class A office space at 353 Water Street. The transaction marked the largest office lease deal in Central Maine since the onset of … Continue reading Central Maine Commercial Real Estate Market Update: 2022

Hospitality & Tourism in Maine: Maine’s hospitality and tourism market generates an average of $11 billion annually and is one of the state’s largest economic sectors. Portland is at the center of this sector as Maine’s largest city and one of the state’s biggest draws. Last year, I highlighted the pandemic-related challenges faced by Portland’s bustling restaurant industry. Twelve months … Continue reading Industry Spotlight: Hospitality

Developers, owner-users, tenants, and investors are beginning to view Lewiston-Auburn as the next area of the state poised for growth, as evidenced by rising lease rates and record sale prices – and in spite of soaring construction costs. Housing Development Like in many areas throughout Maine, developers have taken notice of the housing shortage in Lewiston-Auburn. Over the past year, … Continue reading Lewiston-Auburn Market Overview

As with the year before, the past 12 months were largely characterized by profound change. The pandemic continued to shine a light on how we spend our time, what we spend it on, and, in many cases, where we spend it. For many seeking a better quality of life during the pandemic, Maine was at the top of the list. … Continue reading Economic Impacts from COVID Transplants

These days, when people think of Maine, they often think of Portland. As Maine’s largest city and business hub, Portland is celebrated for its award-winning restaurants and brewery scene, historic Old Port, and working waterfront. So much so, that robust real estate demand over the past decade has left limited development sites on the Portland peninsula. With record-high price points … Continue reading Development Spotlight: Beyond the Peninsula

The Maine business world is made up of many diverse industries—animal health, beer, seafood, agriculture, wellness, technology—we are a melting pot of innovation.  All of these companies have something in common: they began as an idea. But ideas do not just turn into successful companies on their own. What makes the Maine startup community so robust? “The most important thing … Continue reading The Rise of Maine’s Startup Community

In November 2020, Portland passed a significant new referendum for the city. Colloquially known as the “Green New Deal,” the referendum primarily addressed energy efficiency standards on new construction, but also included a change to the inclusionary zoning (IZ) provision that exacerbated the already-strict affordable housing requirements around new development. It has been a year since that referendum went into … Continue reading Multifamily: The Effects of Portland’s Inclusionary Zoning

Office Market Overview: 2022 The Greater Portland Office Market has remained resilient over the past couple years, as evidenced in our survey last year. We had all hoped for a return to some normalcy in the office market in 2021, but as the pandemic continues, so does the uncertainty of its impact on office space. Here at The Boulos Company, … Continue reading The Office Market Outlook

2021:  A Pivotal Year Drew Sigfridson, SIOR, Managing Director Originally featured in our 2022 Greater Portland Market Outlook. What will 2021 be remembered for? COVID-19 and the Delta variant? Masks vs. no masks?  Vaccine or no vaccine? Record fast distribution of vaccines for those who wanted it? The year that the validity of our elections was questioned? The U.S. Capitol stormed? … Continue reading A Message from our Managing Director

Manchester, New Hampshire, and Portland, Maine, January 10, 2022: The Boulos Company, Northern New England’s commercial real estate market leader, is excited to announce that it is expanding its operations, and welcomes the brokerage team of Roger Dieker, Mike Tamposi, Chris Healey, and Transaction Manager, Karen Gazzara to their new office at 650 Elm Street, Manchester, NH. A Transition from … Continue reading Manchester Brokerage Office Joins The Boulos Company

Drew Sigfridson, SIOR, Managing Director The world is changing fast and office users are in the forefront of that change. It is no secret that the way companies use office space is facing a transformation. This time last year, uncertainty reigned supreme in the office market. The Boulos Company conducted a survey in their Maine and New Hampshire markets. They asked … Continue reading How Will COVID-19 Change the Office?

Where is Maine Working? V.2 The WFH Office Impact Survey In February 2021, The Boulos Company released the results of the “Where’s Maine Working” survey – which detailed the impacts of COVID-19 on Maine’s Commercial Office Market. The factors that impact the market now include staggered office-reopening plans, a tightening labor market, and a full spectrum of hybrid work plans … Continue reading Where Is Maine Working? V.2

Katherine Gemmecke, Associate Haven’t found the “perfect” fit for your business needs in an existing building? Developing a raw or an underutilized piece of land could be a great option to consider. However, before diving headfirst, you should understand the process behind purchasing and developing land. It may appear to be a simple process, but there are several factors to … Continue reading Let’s Talk About Buying Commercial Land

  Jon Rizzo, Partner As we stand today, investment properties are in high demand, which is a result of low interest rates and pent-up demand from the investment community. With prime investment opportunities moving quickly, staying aware of what product is available, knowing how to get creative to find deals, and keeping ahead of the market’s trajectory can all make … Continue reading Capital Markets: Where do we stand and where are we going?

Nick Lucas, Associate Broker As we near the fourth quarter of 2021, we wanted to provide an update on Maine’s industrial market and to highlight the significant deals and projects we are seeing north of greater Portland. The industrial sector remains red hot throughout the entire state of Maine. Much like Southern Maine, the Midcoast and Central Maine areas have … Continue reading Central & Midcoast Maine Industrial Market Update

As of August 1st 2021, we are beginning to get a better picture of the overall health of the New Hampshire Seacoast office market. Every December, The Boulos Company completes a Market Outlook reviewing the current office and industrial vacancy, as well as forecasting for the upcoming year. Most years, we feel very confident in our predictions and history shows that … Continue reading New Hampshire Seacoast Mid-Year Office Market Update

Noah Stebbins, Associate Lewiston-Auburn has emerged as a popular market for developers and businesses, as motivated city officials aim to spur new development. Although new development initiatives in both cities are focused on addressing the housing shortage, there are several notable projects that will transform each city and businesses have taken notice. Local and national companies of all types continue … Continue reading Lewiston-Auburn Mid-Year Market Outlook

  Samantha Marinko, Associate In January, The Boulos Company released the 2021 Annual Market Outlook, which gives an overview of Maine’s commercial real estate market. The numbers spoke and the effect of the pandemic was evident, particularly when considering the vacancy rate in Class A office buildings in downtown Portland. However, the last six months suggest that the winds may … Continue reading Mid-Year Update: Downtown Class A Office Space

Christian Stallkamp, Senior Broker Originally featured in our 2021 Seacoast New Hampshire Market Outlook. The Seacoast New Hampshire industrial market remains extremely tight, and this trend will continue for the foreseeable future even with the uncertainty of the COVID-19 pandemic. The 2020 year-end vacancy rate for industrial space in the Seacoast is 3.9%, dropping from 5.7% in 2019. This remarkably … Continue reading Seacoast Industrial Market Overview 2021

Brice O’Connor, Associate Broker Whether you are working on a multi-million dollar commercial development, an office buildout, or simply remodeling your home, you have likely experienced the increasing costs and challenges of the construction process in 2021. Material and labor costs rose sharply through 2020 and continue to climb early in 2021. A report published by Verisk Analytics showed that … Continue reading Rising Construction Costs and Challenges in 2021

Joseph Italiaander, Associate Broker Originally featured in our 2021 Greater Portland Market Outlook. 2020 has been an unprecedented year in every way, shape, and form. In just nine months, the COVID-19 pandemic has structurally impacted the world in ways that could not have been imagined a year ago, and commercial real estate is no exception to shifting trends. The retail … Continue reading Retail on Wheels: The Value of Drive-Thrus

Insights Lewiston-Auburn Market Overview: 2021 Noah Stebbins, Associate Originally featured in our 2021 Greater Portland Market Outlook. In recent years, Lewiston-Auburn has benefited from numerous development projects, and investors continue to remain bullish on downtown and surrounding areas. Although 2020 has been a challenging year for most, Lewiston-Auburn has remained a popular market for developers and businesses alike, and there … Continue reading Lewiston-Auburn Market Overview: 2021

Insights Augusta Market Overview: 2021 Nick Lucas, Associate Broker Originally featured in our 2021 Greater Portland Market Outlook. Augusta The revitalization efforts in downtown Augusta had another successful year, with some key projects completed in 2020. There has been significant demand for quality, modern housing in Augusta over the last several years and one project in particular sufficed that demand. … Continue reading Augusta Market Overview 2021

Insights Capital Markets Overview: 2021 Chris Paszyc, Broker & Partner Originally featured in our 2021 Greater Portland Market Outlook. In last year’s Market Outlook, I said that there was a growing consensus that the commercial real estate market had peaked in the cycle and was experiencing a deceleration. However, indicators pointed to a soft landing and it looked like we … Continue reading Capital Markets Overview: 2021

Insights Cannabis & Commercial Real Estate: 2021 Noah Stebbins, Associate Originally featured in our 2021 Greater Portland Market Outlook. Like it or not, the marijuana industry has arrived. In Maine all signs point to growth, slowly but surely. Marijuana policy has been changing rapidly across state lines in recent years. Currently, there are 17 states, including the District of Columbia, … Continue reading Cannabis & Commercial Real Estate Overview 2021

The Burgeoning Appeal of Pineland Farms By Chris Romano Originally a state-run facility, Pineland Center was officially closed in 1996. It sat vacant for several years until 2000, when the Libra Foundation purchased the campus and surrounding farms and embarked upon a full-scale renovation project resulting in the burgeoning professional and recreational site that it is today. Tucked into the … Continue reading The Burgeoning Appeal of Pineland Farms

Who is Signing Your Lease? Jessica Estes, Partner & Designated Broker If you own commercial property, the importance of having financially viable tenants in your property cannot be overstated. Obviously, a stronger tenant is more likely to pay rent and pay it on time – but the financial health of your tenant also impacts your ability to get favorable terms in … Continue reading Who is Signing Your Lease?

The Boulos Company has released Maine’s COVID Office Impact Survey entitled: “Where’s Maine Working?” – The Boulos Company interviewed over 160 Maine professionals to determine how many companies are working from home, how productive they feel, and when they’re headed back to the office.

Boulos conducted the survey to provide Maine’s business community with insight into how their peers have responded to the pandemic and to share critical information as they move forward in an unprecedented real estate market.

COVID-19 has had an enormous impact on the way each of us work and live and an attendant effect on the office market. Landlords and tenants have been forced to navigate these uncertainties as best they can. In this article, we note some of the best practices for officing during the pandemic, review the market situation, and look at emerging trends that may guide the year ahead.

Round two of the SBA’s Paycheck Protection Program (PPP) opened on Monday, January 11, 2021. Within the bill is a $284 billion pool to help struggling businesses survive the pandemic. The bill includes temporary alterations to the SBA 504 Loan, a government-backed loan program designed to provide financing to small and medium-sized businesses to promote economic growth and job creation.

In the past month, an optimistic undertone is starting to creep into conversations with clients, family, and friends. The usual anticipation of spring has a whole new meaning this year when coupled with the vaccination rollout and being able to point to progress on the battle against COVID-19.

Once a hub for gas stations and automobile service centers, the Forest Avenue corridor has become a heavily-trafficked gateway to downtown Portland, home to restaurants, retailers, nonprofits, and more. Off-peninsula neighborhoods, such as Forest Avenue, have become a draw for businesses seeking relief from expensive downtown rents. For at least a decade, Forest Avenue and Woodford’s Corner…

The Boulos Company has released its “Where’s New Hampshire Working?” survey which explores the impact of COVID-19 on the commercial office market. The survey, conducted December 2020 through February 2021 provides a snapshot of the local response to the pandemic. More than 60 New Hampshire professionals from a range of industries answered questions about working from home, productivity, office reentry plans, and more.

It should be no surprise to anyone that the Greater Portland office market was affected by the pandemic in 2020. When The Boulos Company began our annual market survey of 12 million square feet across 350 Class A and Class B office buildings, we didn’t know what to expect.

The 2020 overview of Maine’s industrial market looks a lot like 2019’s—strong tenant demand, lack of supply, and an incredibly sought-after investment market. But there is one notable difference. Demand increased even more in 2020, due to COVID-19.

The Boulos Company has been on the frontlines of commercial real estate since 1975. We have been helping businesses to make smart real estate decisions ever since then. In the wake of COVID-19, we have developed a step-by-step approach to help businesses to understand the effect of COVID-19 on their space, to get the most out of their staff, and to spend their money effectively. In our recent COVID Office Impact Survey, we asked 150+ professionals in Maine what their plan was to re-enter the workplace. Of the responses we received, far too many indicated “I don’t know.” This pushed our team to shed light on this topic. In doing so, we aim to arm tenants, owners, and landlords with the information necessary to plan for the road ahead. Below are a few steps we would take to help you make a plan for your business.

Author:  John Finegan, Associate The below was written as a cheat sheet for two referenda that will have an immediate impact on Portland business owners and landlords, Minimum Wage and Rent Control. The goal of this cheat sheet is to give readers a brief synopsis of these referenda and how they function, and present the information in a more palatable … Continue reading Portland Referendum Spotlight: Minimum Wage and Rent Control

  In many ways, the beginning of 2020 was the best of times for commercial lenders – stable rates, lots of deal flow and few loan delinquencies. That would quickly deteriorate by March/April due to the worldwide Coronavirus pandemic, to one of the worst public health and economic crises in modern history. “Coming into the pandemic, the bank was busier … Continue reading How COVID-19 Affected Commercial Lending

If the title of the article didn’t give it away, I am a big fan of HBO’s hit show Game of Thrones. The Starks of Winterfell were known for a saying that always came true in the story’s fictional setting of Westeros, as it does in the beautiful state of Maine, and that is: “winter is coming.”

For a lot of business owners and managers, leasing commercial space for their business is a giant step and a largely unknown process. Embarking on a search for the perfect new location for your business can be overwhelming.

Among other things, 2020 has provided plenty of alarming headlines surrounding the state of the retail market. Perhaps what stands out the most to me is the growing number of bankruptcies among some of the country’s most established brands, including: J.C. Penney, Neiman Marcus, GNC, Lord & Taylor and Stein Mart.

The last five months have been challenging for businesses. In the blink of an eye, people stopped traveling, gathering, shopping in brick and mortar stores, meeting friends for a coffee or a beer, skiing, going to yoga classes and reuniting at weddings. These changes have had an impact on each of us, but they also had a big impact on … Continue reading Sale Leaseback

What does “home” mean to you? For me, home is much more than a house with four walls. Home is a place to spend time with family. It is a place to have family meals, play in the yard, do homework with the kids, help them with music lessons, and spend time with loved ones. Home is a place where I can wake up and have a coffee and read the morning newspaper in peace and quiet, enjoy the gardens and play with our kids out in the yard.  Home is not my office.

Big box retailers have been closing at unprecedented rates, even before the rise of COVID-19, leaving landlords in a precarious position. Landlords must now think of creative ways to re-purpose their spaces to meet the needs of shifting consumer demand, maintain steady foot traffic and generate revenue in alternative ways.

As would be expected, because of the uncertainty in the business climate, our brokers are regularly asked what is happening in the commercial real estate market, and what to expect going forward. Never have we wished so hard for a crystal ball!

Relocating your business is a complicated process that requires planning, organization and diligence. At The Boulos Company we strive to make those transitions for our clients as smooth as possible. We have created this guide to help you with your move.

  I have never been one to work from home.  I like going to the office every morning.  I like the routine of it.  My desk, computer, my files, my fast printer that can scan more than one page at a time, but most of all I enjoy being with all of my co-workers, clients, and OTHER PEOPLE.  I realize … Continue reading Our Work Environment: Home vs. Not Home

As we drop into the unknown of 2020, will the capital markets continue an impressive ten-year run, or will that unending flow of investor capital into commercial real estate (CRE) suddenly be turned off at the spigot? It is widely accepted that economic expansions end because of investor tolerance for risk, both real and perceived. Indicators of risk include growth … Continue reading 2020 Capital Markets Outlook

For the first time in ten years, the Greater Portland office market vacancy rate increased after steadily declining year after year.  The Boulos Company conducted its annual survey of over 12 million square feet in almost 350 Class A and Class B office buildings across seven submarkets. The 2019 overall vacancy rate, including sublease space, increased to 6.66%. While still … Continue reading Office Market Overview

Portland’s Eastern waterfront area has been the subject of much press recently, and deservedly so. The neighborhood has undergone a tremendous amount of growth in a short period. This part of Portland has seen a boom of hotels, residential development, and office buildings housing some of Maine’s largest companies. The southwest corner of downtown, where the Old Port and West … Continue reading Neighborhood Spotlight: Western Commercial Street, Portland

Based on the most widely accepted age range of the elusive millennial, the oldest of the generation are now in their mid-30’s. These avocado-loving hipsters are leaving behind their studio apartments in cobblestoned downtowns and trading up for something grassier and more family-friendly. With their shift away from city living comes increased popularity in all things suburban, including the office market. … Continue reading Business in the Burbs

Over the last decade, Portland has become one of the premier food cities in the United States. Tourists and food connoisseurs from all around the country are traveling to Portland for its distinguished restaurants. The recent explosion in the food scene has triggered a call for new restaurants that emulate eateries such as Eventide Oyster Company or Empire. Trendy, vibrant … Continue reading Portland’s Restaurant Flux

On June 26th, 2019, State of Maine Governor Janet Mills made her clean energy and climate leadership goals clear by signing three major bills associated with renewable energy and greenhouse gas emissions. Related bills have been popular amongst Legislature in recent years but did not become law due to vetoes from Former Governor LePage. Following Governor Mills’ inauguration, many national … Continue reading Maine Solar Rush

The phrase “slap a coat of paint on it” is taking on a whole new meaning as property owners and public officials nationwide seek innovative ways of transforming their buildings and communities. Street Art, a balance of murals and stylish graffiti, is being used to give buildings a new identity while revitalizing neighborhoods into warm energized communities. Graffiti, which has … Continue reading Slap a Coat of Paint on It

In January of 2019, we published our annual Market Outlook, which gives an overview of Maine’s Commercial Real Estate Market with an emphasis on the Office sector. One of the most watched indicators of the strength of the office market is the vacancy rate in Downtown Portland’s Class A buildings. 25 buildings comprise the 2 million square feet in this … Continue reading Downtown Portland Mid-Year Class A Update

The consumer retail sector continues to strategize around how to reposition physical stores to offset the growing demand of online shoppers. Many experts suggest that retailers have figured it out—companies understand the necessary steps to create a profitable retail experience. This strategy, however, could just be delaying the inevitable. Pop up shops and smaller stores may present a way to … Continue reading The Evolution of Retail Ownership

Strong demand and real estate fundamentals have continued to drive a development boom in the Greater Portland area. Interest from local, regional, and national tenants looking to expand and attract new talent has created a wave of projects across the city. The hospitality sector continues to lead the charge with office not far behind. Below we highlight some new projects … Continue reading Spotlight: New Developments in the Greater Portland Area

I was recently talking about work with a friend who’s a financial advisor in New Hampshire. He’s looking to expand out of his home office to grow his practice and was surprised to hear that this is something a commercial real estate broker can help with.  He thought that we only help people buy and sell real estate and list … Continue reading Tenant Representation

The ideal office space is an ever-evolving concept. Large, swanky offices that can double as a bar, as seen on Mad Men, are a thing of the past. Private offices with bulky desks and built-in shelves for three-ring binders are out. The corner office inevitably housing the CEO is no longer a given. The walls are coming down. Unassigned work … Continue reading The Transforming Workspace

The tax reform bill entitled “Tax Cuts and Job Act (TCJA)” that passed in December of 2017 represents the most sweeping reforms since the tax act of 1986. The new measures are set to have a significant impact on both individuals and businesses. The bill will lower income tax rates for most individual tax payers, double the estate tax exemption … Continue reading 2017 Tax Reform Impact

National Trends Despite a rising interest rate environment, investment in national commercial real estate year-to-date was $394.2 billion, up 10.6% from a year ago. For context, 2015 had the largest volume of transaction activity—$569 billion—since the 2009 bottom ($69 billion). 2017 was slower ($487 billion) than 2016 ($511 billion) due to fewer properties available for sale. In this current cycle, … Continue reading Capital Markets Outlook

PORTLAND, Maine and PORTSMOUTH, NH — The Boulos Company, Northern New England’s largest commercial real estate firm serving owners, investors, and tenants throughout Maine and New Hampshire, has hired John Meador as Associate Broker. Meador, who joined the Boulos team in January, will provide the firm’s clients in Maine, New Hampshire, and Northern Massachusetts with expertise in investment sales, leasing … Continue reading The Boulos Company Adds to Growing Brokerage Team

OK, we’re moving. Now what? Once it becomes evident that your current location no longer supports your  business operations and you’ve made the difficult decision to search for new space, the journey is just beginning. There is no way to overstate the enormity of this task, and your team will be asked to perform many extra duties. If you take … Continue reading Office Relocation Tips

PORTLAND, Maine — November 29, 2018 — The family of companies comprising CBRE | The Boulos Company, CBRE | Portsmouth, and CBRE | Boulos Asset Management — collectively Northern New England’s largest commercial real estate firm serving owners, investors, and tenants throughout Maine and seacoast New Hampshire —announced that its affiliation agreement with national real estate firm CBRE Inc., will … Continue reading The Boulos Company and CBRE Affiliation Will End December 31, 2018

Are You Overpaying On Property Taxes? Property tax has a significant financial impact on owning or leasing commercial real estate. Often property owners deem their real estate taxes as fixed and irrefutable. In the case that your assessment is low, don’t move a muscle and hope the Town doesn’t catch wind. In the case that your assessment is higher than … Continue reading Assessing Your Assessment

How The Right Workplace Can Help Your Recruiting Efforts As of August, the unemployment rate was 2.4% in Cumberland County, Maine. At this level, economists will tell you that everyone who wants a job has one. So attracting talent means, in most cases, attracting people who already have jobs. It also means that for many companies, attracting and keeping talent … Continue reading Build-To-Recruit

The Right Way to Start a Business Relationship Business relationships by nature are created out of necessity and utility—a task that needs completing. When starting a new business relationship, the most important (and a sometimes underrated) part of the process is meeting in person. While it’s possible to work together while skipping this step, it can lead to problems of … Continue reading Let’s Meet!

4 Factors to Consider When Choosing Office Location Portland is the economic epicenter and most densely populated city in Maine.This area of Greater Portland, especially downtown Portland, has become a desirable office location for many businesses. Although Portland has many benefits for businesses and their employees, it’s important to examine all options when deciding the best location for your office. … Continue reading URBAN VERSUS SUBURBAN

How Start-ups Can Benefit From Subleasing Maine is the home to a plethora of creative minds—entrepreneurs, artists, techies, chefs—it’s a melting pot of talent from all facets nestled comfortably in the northeast corner of New England. With these creative minds comes new and interesting business ventures, ventures that need space to do all of this creating. Your start-up may not … Continue reading START-UP SEEKING SPACE FOR SUBLEASE

What Opportunity Zones Mean For Investing The pricing that buildings have been trading at over the last 12-18 months has been at such a high level, many commercial real estate property owners are thinking: “Is now the time to sell?” The main concern has been where to reinvest the funds received without paying taxes on any gain from the sale. … Continue reading OPPORTUNITY AWAITS