Coworking in Modern Business: Evolving Trend or Here to Stay       By Cameron Foster | Associate Broker   Merriam-Webster defines coworking as the practice of working within a shared building, where multiple tenants rent working spaces such as desks or offices and enjoy access to communal facilities. According to Google, the first coworking space started in 1995 in … Continue reading Coworking in Modern Business: Evolving Trend or Here to Stay

Navigating the Complexities of Seller Financing in Maine       By Jessica Estes | President   Today’s interest rates, underwriting standards, and financing timelines can often be an obstacle in closing a real estate transaction. Once the buyer and seller agree on the price and terms for the real estate sale, the broker usually introduces the buyer to commercial … Continue reading Navigating the Complexities of Seller Financing in Maine

Southern Maine Market Update – Route One Saco Development       By Joe Italiaander | Associate Broker       It’s no surprise that it’s been another busy year thus far in Southern Maine, particularly on the Route 1 corridor in Saco. The long-awaited development at 507 Main Street has finally kicked into high gear, with both Chipotle and … Continue reading Southern Maine Market Update – Route One Saco Development

Downtown Portland Class A Office 2023 Mid-Year Update       By Samantha Marinko | Associate       This time last year, I made reference to “the current stalemate in the market,” referring to the minuscule variance in the vacancy rate for downtown, Class A office buildings in the six months prior. This year, I have a similar report. … Continue reading Downtown Portland Class A Office 2023 Mid-Year Update

The Economic Landscape of Maine’s Midcoast Region: A Blend of Commerce, Tourism, and Coastal Charm     By Roy Donnelly | Associate       Maine’s midcoast region, running between Brunswick and Belfast, is one of the older parts of the state, both demographically and structurally. Unlike southern Maine and Lewiston/Auburn through Augusta/Waterville, the midcoast relies on two-lane roads as … Continue reading The Economic Landscape of Maine’s Midcoast Region: A Blend of Commerce, Tourism, and Coastal Charm

Construction Costs & The Impact on CRE     By Chris Romano | Associate       The cost of construction has been a hot-button topic in the commercial real estate and development discourse for several years now. The industry has experienced skyrocketing prices in nearly every facet of the business (labor, materials, insurance, etc.) and the effect has been … Continue reading Construction Costs & The Impact on CRE

Filling the Grocery Gap: The Need for a Small Market in Portland’s Central Business District     By Reese McFarlane | Associate       Portland, Maine is quickly becoming the go-to destination for people looking for a charming and vibrant community. With its stunning waterfront and delicious food scene, it’s no surprise that more and more people are choosing … Continue reading Filling the Grocery Gap: The Need for a Small Market in Portland’s Central Business District

    By Christian Stallkamp | Senior Partner, Broker       If you’ve been keeping up with current events, you may have noticed a shift from concerns about the banking sector to worries about the commercial real estate industry, specifically the office market. However, it’s important to note that the New Hampshire Seacoast office market is not comparable to … Continue reading Rising Office Vacancies Can Create An Opportunity For The New Hampshire Seacoast

The 2023 Maine Industrial Market Outlook     By John Rizzo, SIOR | Partner, Broker         Has supply met demand? Has demand softened? It’s a bit complicated right now. We are still living in a market with an approximate two percent vacancy rate for the industrial sector. With that said, we are also living in a new … Continue reading The Maine Industrial Market Outlook 2023 Update

2022 Transaction Highlights I-93 / Route 3 Corridor     By Michael Tamposi | Partner         2022 proved to be another busy year with lots of activity. The lack of inventory being “on the market” did not slow transactions down. Investors and users were both busy acquiring off-market properties. We have highlighted a sample of transactions from … Continue reading 2022 Transaction Highlights I-93 / Route 3 Corridor

New Hampshire Seacoast Office Market     By Kent White | Principal Broker, Partner         It is impossible to discuss the office market today without considering the past three years since COVID -19 effectively “paused” the office market. During 2020 and 2021, there were many predictions of doom and gloom for the office market. In some parts … Continue reading New Hampshire Seacoast Office Market

I-93 / Route 3 Office Market Update – 2023     By Roger Dieker | Managing Broker, Partner         The New Hampshire I-93/Route 3 Office Market continued to surprise the Covid-19 naysayers by remaining steady in both vacancy (7.6%) and lease rate ($14.33/SF NNN). All of which happened in the face of the continued expansion and success … Continue reading I-93 / Route 3 Office Market

Six Noteworthy Downtown Portsmouth Developments Projects     By Katherine Gemmecke | Associate         Over the last several years in this annual publication, we’ve highlighted up-and-coming development projects in the Seacoast. Since our last in-depth update for Portsmouth in our 2019 Market Outlook, we thought it was time to circle back and take a look at active … Continue reading Six Noteworthy Downtown Portsmouth Development Projects

New Hampshire Seacoast Industrial Market Outlook: 2023     By Christian Stallkamp | Senior Broker, Partner       2022 has proved to be another challenging year for the Seacoast Industrial Market. Vacancy rates remain extremely low, construction pricing remains high, and economic indicators are ambiguous. The consensus in the commercial real estate industry is that these challenges will continue … Continue reading New Hampshire Seacoast Industrial Market Outlook

New Hampshire I-93 / Route 3 Corridor Industrial Market Outlook: 2023     By Christopher Healey | Partner       2022 proved to be a year of not only sustained, but reinforced trends throughout the Southern NH Industrial Market. Trends surrounding a few key metrics further tightened the industrial market to a point where securing space is no small … Continue reading I-93 / Route 3 Industrial Market Overview

2022 Transaction Highlights I-95: Corridor, Portsmouth, & Seacoast NH     By Caitlin Burke | Senior Associate         The Boulos Company’s Seacoast New Hampshire office, located in Portsmouth, experienced one of its best years since the branch opened over 20 years ago. Even with a severe lack of inventory and very minimal options listed on the market, … Continue reading 2022 Transaction Highlights I-95 Corridor / Seacoast, NH

How To Relocate Your Maine Business In 2023     By Cameron Foster | Associate Broker         Historically, transitioning to a new space has always been a complex process, as it requires planning, organization, and diligence. Welcome to 2023, where thanks to everything from global supply chain issues to rising inflation and other costs, each piece of … Continue reading Relocating Your Business In 2023

Maine’s Housing Shortage Conundrum     By John Finegan | Associate Broker         Like many states across the country, Maine has a housing crisis. The ripple effects of COVID and the needs of asylum seekers have created an influx of people coming to Maine. Simultaneously, the average number of people per household is shrinking, and this exacerbates … Continue reading Maine’s Housing Shortage Conundrum

Life Science And What It Means For Maine Commercial Real Estate     By Sasha Bogdanovics | Associate         We’ve all heard the buzz around “life sciences” and the industry’s anticipated growth in Maine. When the Roux Institute opened in late 2020, interest and speculation around what it would mean for Maine heightened, and judging by the … Continue reading Life Science And What It Means For Maine CRE

Maine’s Shifting Supermarket Landscape: 2023 Retail Market Update     By Joseph Italiaander | Associate Broker         While retail had its fair share of struggles in 2022, the sectors year was highlighted by the strength of the supermarket and the supermarket-anchored shopping center. On a national level, the large national supermarket players, including Whole Foods, Kroger, Ahold … Continue reading Maine’s Shifting Supermarket Landscape

Maine Property Conversion And Redevelopment: 2023 Update     By Brice O’Connor | Broker         Evaluating property, not on what it is today but rather its long-term potential, has long been a pillar of commercial real estate investing and development. Consider the vast changes in commercial real estate sectors that we’ve seen in recent years. Industrial, multi-family, … Continue reading Maine Property Conversion And Adaptive Reuse

Offshore Wind: The Next Driver Of Maine’s Economy?     By Claire Richardson | Associate Broker         From national to local levels, government contributions towards offshore wind efforts in 2022 were among the most extensive we’ve seen, making offshore wind—expected to become a $1 trillion industry by 2040—one of the largest economic opportunities in Maine’s history. The … Continue reading Offshore Wind: The Next Driver Of Maine’s Economy?

Lewiston-Auburn Market Outlook: 2023     By Noah Stebbins | Associate Broker         2022 proved to be another exciting year for commercial real estate in Lewiston-Auburn, with numerous development projects and new tenants entering the market. With a potential recession looming, it’s difficult to predict how the market will be impacted; however, let’s begin on a positive … Continue reading Lewiston-Auburn Market Outlook 2023

Portland, Maine Office Market Predictions for 2023     By Greg Boulos | Senior Partner     By Samantha Marinko | Associate           OVERVIEW Based on our analysis of historical figures and recent market trends, we believe the office market will see an increase in vacancy rates over the next one to three years. This will … Continue reading Maine Real Estate Forecast 2023

Central Maine Commercial Real Estate Market Update: 2023     By Nick Lucas | Broker     By Chris Romano | Associate         AUGUSTA Despite economic turbulence over the past twelve months, public and private money has spurred continued investment in the state’s capital city. Prior to the pandemic, Augusta seemed poised to springboard on a budding … Continue reading Central Maine Market Update 2023

The 2023 Maine Capital Markets Outlook     By Chris Paszyc, CCIM, SIOR | Partner, Broker         2022 was the tale of two halves. I harken back to the 2017 Superbowl where the Patriots were down 28–3 in the first half. Unfortunately, in this analogy, we CRE professionals are Atlanta, and we all know how that story … Continue reading Maine Capital Markets Update – 2023

Retail Sector Takeaways from ICSC New York 2022   By Chris Romano, Associate   Earlier this month, I had the pleasure of attending the latest rendition of ICSC events at the Javits Center in New York City. While concerns over in-person events had hindered the event for the past two years, the East Coast’s premier retail real estate conference was … Continue reading Retail Sector Takeaways from ICSC New York 2022

Commercial Real Estate Interest Rates in Maine   By Nate Stevens, Partner, Designated Broker, & Christopher Stephenson, VP of Operations and Marketing at The Boulos Company   Unless you’ve been avoiding economic news for the past 6-12 months, you’re aware that in general, interest rates have been rising aggressively, particularly throughout the second and third quarters of 2022. As we … Continue reading Commercial Real Estate Interest Rates in Maine

Six Downtown Portsmouth Development Projects: Where Are They Now?   By Katherine Gemmecke, Associate    As we gear up for the release of our 2023 Market Outlook, we thought it would be interesting to take a deeper look at several downtown Portsmouth development projects. Some of these projects have been in the works since as early as 2018, while others … Continue reading Six Downtown Portsmouth Development Projects: Where Are They Now?

Portland, Maine, November 1, 2022: The Boulos Company is expanding. In the past three months, the Portland office welcomed Sarah Grillo and Reese McFarlane, and Nick DeNisco is the latest to join the Manchester team. Portsmouth office manager, Lisa Kurdt, has been with Boulos since 2000. Over the past year, the pace of business in Boulos’ New Hampshire markets increased … Continue reading Boulos Expands Bench and Awards Mid-Year MVP

                    Portland, Maine, September 29, 2022: Jessica Estes of The Boulos Company will take the helm as President starting October 1, 2022. After a successful, decade-long run as Managing Director, Drew Sigfridson, SIOR is stepping down from his role of Managing Director in the Portland office. Under Sigfridson’s leadership, Boulos grew … Continue reading Leadership Evolution at Boulos Lands Estes, Stevens, and Sigfridson in New Roles

Capital Markets 2022 Mid-Year Update By Chris Paszyc, CCIM, SIOR – Partner, Broker Here at The Boulos Company, and in Maine in general for the first half of 2022, investment sale volume has TRIPLED when compared to the first half of 2021!  While we like to think we’re unique here in Maine, these phenomenal results mirror a national trend.  However, … Continue reading Maine Capital Markets 2022 Mid-Year Update

Caitlin Burke, Senior Associate It is no secret that new construction in today’s market is more costly than it has been in recent memory. According to a report released in February 2022 from the US Census Bureau, construction costs went up by 17.5% from 2020 to 2021. It reported that it is the largest spike in this data from year … Continue reading Construction Costs and the Impact on the Commercial Real Estate Market

Downtown Portland Class-A Office Update By Samantha Marinko, Associate In January of each year, we publish a report which provides an overview of the commercial real estate market in Maine. We highlight significant projects and trends and conduct a comprehensive analysis of the vacancy rates of office buildings, with a particular focus on the 25 Class A office buildings in … Continue reading Downtown Portland Class A Office 2022 Mid-Year Update

Nate Stevens, Partner, Broker When discussing the current and future status of the commercial real estate market, no topic is more heavily debated and difficult to predict than the office market.  With the pandemic-driven rise of working-from-home and subsequent implementation of hybrid work models, it could be months or years before we understand the full effect of this trend on … Continue reading Office Conversion Projects And A Plan to Make Them Affordable

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

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

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

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

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

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

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?

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

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

The Boulos Company Releases 2023 Greater Portland Market Outlook The Boulos Company, Northern New England’s premier commercial real estate brokerage, is excited to announce the release of their 2023 Greater Portland Market Outlook. This comprehensive report offers valuable insights into the current state of the commercial real estate market in Greater Portland and throughout Maine. The market outlook includes a … Continue reading Boulos Releases 2023 Greater Portland Market Outlook

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 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

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

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.

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.

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.

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.

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 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

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

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

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

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

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

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!

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